Bitcoin Holds Above $62K Amid Broader Market Recovery
The cryptocurrency market has sustained its recovery over the past 24 hours, with most large-cap altcoins trading in positive territory. Bitcoin has maintained its recent rebound, while several altcoins have posted even stronger daily gains.
The total cryptocurrency market capitalization has also increased, as traders have returned to risk assets following a volatile start to the month. Bitcoin’s dominance has remained steady, suggesting a balanced market recovery is underway.
Bitcoin’s price has largely traded in the green over the last 24 hours, holding above the $62,000 mark after reclaiming it earlier in the week. The digital asset was trading at approximately $62,500, representing a roughly 1.3% increase on the day and a 3.6% gain for the week.
BTC experienced a relatively tight daily trading range, briefly dipping towards $61,500 before buyers intervened and pushed the price back up. It reached an intraday high of around $62,800, keeping its market capitalization near $1.25 trillion.
Flows into spot Bitcoin Exchange-Traded Funds (ETFs) also showed signs of stabilization. US spot Bitcoin ETFs recorded net inflows of approximately $220 million on July 2nd. Notably, the majority of these inflows were directed towards Fidelity’s products, as BlackRock clients continued to divest, offloading over $40 million.
The broader cryptocurrency market has also seen improvement, with total market capitalization surpassing $2.2 trillion.
Ethereum was trading around $1,754, marking a gain of over 2% on the day and a significant 11% increase over the past week, positioning it as a standout performer. Among other large-cap altcoins, Hyperliquid’s HYPE token was among the biggest gainers in the last 24 hours, rising above $71 with an increase of more than 6%. Cardano also experienced a sharp advance, while XRP, Stellar, Dogecoin, Solana, and others posted more modest gains.
The market’s next key test will be whether Bitcoin can break above the current resistance zone between $62,000 and $63,000, while altcoin momentum continues into the weekend.
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