Bitcoin’s price has seen a modest recovery since dipping below $62,400 on Friday, adding approximately $2,000 from its local low to reach $64,400 in recent hours before encountering some resistance.
The broader altcoin market has largely remained stagnant over the past 24 hours. Monero (XMR) and NEAR Protocol (NEAR) are among the few exceptions showing gains, while Ondo (ONDO) has experienced a decline of over 3.5%.
June commenced on a decidedly negative note for Bitcoin, with the cryptocurrency plummeting from $73,000 to $59,100 within a five-day span. However, bulls intervened following this downturn, preventing a further significant drop. The subsequent rebound propelled BTC to $64,000 by the beginning of the current business week. An attempt at a more substantial breakout occurred last Sunday and Monday.
During that period, news emerged of a potential deal between US President Donald Trump and Iran, reportedly slated for signing by June 19. Bitcoin reacted with an immediate surge to $67,200 on Monday, marking its highest price in two weeks. This upward momentum faltered, however, facing renewed selling pressure exacerbated by the Federal Open Market Committee (FOMC) meeting on Wednesday, which ultimately led to the dip below $62,400 by Friday.
The anticipated deal has yet to materialize, a factor that may be contributing to the prevailing market weakness. Despite these headwinds, Bitcoin has managed to regain some footing, touching $64,400 earlier today. While this level presented a ceiling, the cryptocurrency continues to trade above $64,000 at the time of this report.
Bitcoin’s market capitalization remains above $1.285 trillion, according to CoinGecko, with its dominance over altcoins holding steady above 56%.
As noted, larger-cap altcoins have exhibited minimal volatility today. Ethereum is trading around $1,730, BNB is priced at $590, and XRP is hovering just below $0.15. Solana, despite significant token deposits to exchanges, has seen a gain of over 2% to $73. Tron (TRX), CorgiCoin (CC), and Monero (XMR) are also in positive territory, while HyperToken (HYPE) and Stellar (XLM) have experienced declines.
NEAR Protocol has climbed 3.5% to $2.24, while Ondo is trading below $0.34 following a 3.2% decrease. LAB has once again emerged as today’s top performer, surging by over 25%. It is now trading well above $15, reflecting a 230% increase over the past month, and is nearing the top 20 altcoins by market capitalization. AERO has also seen substantial gains, with an 11% increase propelling it into the top 100 altcoins.
The total cryptocurrency market capitalization has reached $2.290 trillion on CoinGecko, indicating another minor increase on a daily basis.
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