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Dogecoin (DOGE) and Solana (SOL) lead crypto market recovery as Bitcoin (BTC) recovers $60,000
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According to data provided by CoinGeckoDogecoin (DOGE), XRP, and Solana (SOL) are among the biggest gainers in the past 24 hours. Each of the above-mentioned cryptocurrencies is up more than 4%.
The total market capitalization of all cryptocurrencies listed on the website currently stands at $2.35 trillion.
Internet Computer (ICP), dogwifhat (WIF), and Jupiter (JUP) are among the best-performing cryptocurrencies in the top 100. Notably, ICP is the only token on the list that managed to record double-digit gains.
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Meanwhile, Bitcoin has climbed back above the $60,000 level after several failed attempts to clear the important resistance level.
The leading cryptocurrency managed to recover some ground after Saxony, a state in eastern Germany, stopped selling confiscated Bitcoin earlier this week.
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However, the leading cryptocurrency is still down 18% from its all-time high reached in March.
AS reported by U.TodayGlassnode co-founders have predicted that a significant rotation of capital into alternative cryptocurrencies could take place in the near future. Bitcoin’s dominance currently stands at 51%.
At the same time, Coinbase researchers have recently expected that the cryptocurrency market would remain disappointing in the third quarter of the year due to the apparent lack of positive catalysts. There is still a lot of uncertainty about the potential market reaction to the upcoming launch of Ethereum spot exchange-traded funds (ETFs) in the United States, as it is unclear what level of demand they will attract.
However, lower-than-expected inflation could increase the chances of a significant price hike. According to QCPHedge funds have been “aggressively” buying December and March Bitcoin call options targeting six-figure Bitcoin prices.