(19 June 2024, 09:08 AM IST):
This Wednesday morning, the cryptocurrency market is showing signs of recovery, particularly among altcoins and memecoins, as Bitcoin finds support. Earlier in the week, Bitcoin’s price fell from $67,000 to $64,000 but has since shown a mild recovery, currently trading at $65,000. Ethereum (ETH) has also experienced a notable jump of 3.57% in the last 24 hours.
Current Market Status
- Bitcoin (BTC): As of now, Bitcoin is trading at $65,486 with a market cap of $1.29 trillion.
- Ethereum (ETH): Ethereum is up by 3.57%, trading at $3,560, with a market cap of $435 billion.
Will the Market Rally?
Although Bitcoin has taken support at the $64,200 level, indicating a potential reversal, a sustained market rally will likely depend on Bitcoin surpassing the $67,440 mark. Until then, price volatility and possible dumps remain a possibility.
Altcoin Recovery
zkSync (ZK): Recently launched zkSync experienced a significant dump of 27.75% on yesterday but has bounced back by 6.92%, now trading at $0.2239 in the last 24hr. The market cap of zkSync stands at $827 million.
Ethena (ENA): Ethena, a trending token, is also on the rise, with its price surging by 9.50% to $0.6657. Ethena’s market cap is currently $1.00 billion.
Helium (HNT): The IoT token Helium has seen a remarkable increase of 20.28% over the last 24 hours, now trading at $3.53. Helium’s market cap is at $568 million.
Conclusion
The recent recovery in Bitcoin and several altcoins suggests a potential rally in the cryptocurrency market. However, the rally’s sustainability depends on Bitcoin’s ability to break through the $67,440 resistance level. Investors should stay alert to market trends and movements in the coming days.