WIF Skyrockets 27% Daily After Meme Coin Massacre, BTC Recovers to $57K (Market Watch)

2 months ago 26

Bitcoin’s price recovery continues in full force as the asset has recovered more than seven grand since the multi-month low charted on Monday.

The altcoins are also performing better, with SOL emerging as the top gainer from the larger-cap cohort, while WIF has soared by nearly 30%.

BTC Back to $57K

A lot can and has been said about what transpired in the cryptocurrency market since last Friday. It all started with a price dump for bitcoin from $66,000 to $62,200 after a weak jobs report from the US.

However, the ever-volatile nature of the crypto industry had its impact during the weekend when all other markets were closed. BTC slumped to and below $60,000 by Sunday morning and to $57,000 by the evening.

The landscape worsened even more on Monday morning when the largest digital asset plummeted to just under $50,000 for the first time since mid-February, leaving over $1.2 billion in liquidations within just 24 hours. Some of the reasons behind this massive drop can be found here.

That’s when BTC finally went on the offensive and jumped to $55,000 yesterday. The bulls have recovered some more ground in the past 12 hours or so, and the asset now stands at just over $57,000. Its market capitalization has risen to $1.130 trillion, while its dominance over the alts is at 53.5% on CG.

Bitcoin/Price/Chart 07.08.2024. Source: TradingView

WIF Skyrockets

The altcoins had a similar fate during the market-wide crash but many have been able to bounce off from the lows. ETH dumped from over $3,200 by a grand but has managed to recover some ground and now trades above $2,500.

Solana’s native token has been at the forefront of the recovery phase. In the past 24 hours alone, SOL is up by more than 8% and sits north of $150.

The biggest gainer from the top 100 altcoins is WIF. The meme coin, which slumped by over 50% in the span of a week, is now up by 27% on a daily scale.

The total crypto market cap has rebounded from the drop to $1.8 trillion and is now inches above $2.1 trillion on CG.