Bitcoin Recovers Over $60,000, Polkadot (DOT) Eyes $6 (Market Watch)

The cryptocurrency market has been on a rollercoaster ride for the past 24 hours. The total market capitalization currently sits at around $2.36 trillion, which is roughly where it was this time yesterday.

The price of Bitcoin went through a lot of volatility, as did most altcoins, so let’s dive in.

Bitcoin recovers over $60,000

Bitcoin bears were determined to push the cryptocurrency below $60,000 yesterday and succeeded in their attempts, albeit temporarily.

The price dropped to a low of around $58,400, something we hadn’t seen since early May.

Source: TradingView

As seen in the chart above, the price found a local bottom at this level and bounced back, currently trading around $60,700. It will be interesting to see if the downside has worn off or if there is more pain ahead.

Altcoins are in a recovery phase

Most altcoins are currently trading in the green, posting mild gains compared to yesterday’s prices.

Source: Quantify Crypto

Polkadot is up nearly 2% on the day and bulls are trying to push the price towards the coveted $6 level.

Chainlink (LINK) is one of the best performers, rising almost 6% in the last 24 hours, followed by TON, which managed to gain 4.2%.

On the meme currency side, things are looking good. The category as a whole is up 3.5%, while some of the biggest memes have impressive increases. PEPE is up almost 10%, WIF – 15.7%, FLOKI – 10.1%, and so on.

Ultimately, it will be interesting to see if the worst is behind us or if the market has more downsides in store in the coming days.

According to the popular Fear & Greed index, which measures emotions and sentiments from various sources, the market is in a state of fear. This may mean that there is a temporary bottom, but it may also mean that uncertainty is the prevailing force at the moment.

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