Bitcoin’s price recovery from the Friday calamity to under $60,000 has continued in the past 24 hours, with the asset climbing toward $63,000.
Most larger-cap altcoins have followed suit, posting notable gains on a daily scale. ETH has risen toward $1,650, while XRP has jumped past $1.10 and $1.15.
BTC to Challenge $63K?
We have written multiple times in the past few days about the large extent of the market-wide crash that took place during the last business week, especially on Friday. Bitcoin entered it at roughly $73,000 before its painful breakdown began. It kept losing value daily, first dropping below $70,000 before it dumped to $65,000 by the middle of the week.
Although it tried to rebound to $67,000, this attempt became a dead-cat bounce. The following days were even more brutal, especially Friday. At the time, the bears did something they couldn’t do even during the early February crash and drove BTC to under $60,000 for the first time since late 2024.
The silver lining for bitcoin is that the calamity affected Wall Street and gold, and worsened after the positive US jobs report in the US. After that multi-year low, the cryptocurrency finally rebounded and jumped past $60,000 almost immediately. It tapped $61,000 yesterday and has risen to almost $63,000 as of now.
Its market capitalization has climbed past $1.250 trillion on CG, while its dominance over the alts stands above 56%.
BTCUSD June 7. Source: TradingView
XRP, Alts Rebound
The daily scale is quite positive for the altcoins, which were crushed during the market-wide decline. ETH had dumped to $1,500, but it’s close to $1,650 now after a 4% daily gain. BNB has neared $600, while XRP has rebounded above two important support levels at $1.10 and $1.15. The asset dipped to $1.05 on Friday.
SOL, TRX, DOGE, RAIN, and XLMR have posted gains of up to 4%, while ZEC continues its post-FUD recovery with an 8% surge to $400. LINK, CC, SUI, SHIB, TAO, UNI, and WLD are also well in the green. Double-digit price increases come from lower-cap alts, such as LAB, H, BEAT, SIREN, and M.
The total crypto market cap has recovered roughly $150 billion since the low on Friday and is up to $2.240 trillion on CG.
Cryptocurrency Market Overview June 7. Source: QuantifyCrypto
