Bitcoin Recovers After Dipping Below $18K, Solana Leads Altcoin Relief Rally: This Week’s Crypto Recap

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After a few weeks of extend­ed suf­fer­ing and depressed price action, it appears that cryp­tocur­ren­cies are final­ly see­ing some relief. The total mar­ket cap­i­tal­iza­tion expand­ed to slight­ly below $1 tril­lion and is push­ing to recov­er above this psy­cho­log­i­cal lev­el at the time of this writ­ing. How­ev­er, this hap­pened fol­low­ing mas­sive volatil­i­ty and con­sid­er­able declines.

First things first, Bitcoin’s price chart­ed an increase of about 4.2% in the past sev­en days and is cur­rent­ly trad­ing at above $21,000. This isn’t to say that the week wasn’t tumul­tuous. On the con­trary – just a few days ago – on Sun­day, BTC dipped to a low of $17,622 (on Binance). The last time the cryp­tocur­ren­cy was trad­ing at such a low lev­el was back in Decem­ber 2020.

For­tu­nate­ly, buy­ers stepped in and man­aged to inter­cept any fur­ther declines. Since then, the price was able to recov­er and increased by almost 20%. Even though this might seem impres­sive, Bitcoin’s recov­ery was dwarfed by that of many lead­ing alt­coins, the best-per­form­ing of which seems to be SOL.

Solana is up a whop­ping 36% in the past sev­en days, and almost 50% since its lows reached on Sun­day – June 19th. Oth­er alt­coins are also well in the green in the same time­frame. ETH recov­ered by some 13% – the same as BNB. ADA is up 5.2% and is evi­dent­ly lag­ging behind the rest of the altcoins.

XRP is up 18%, where­as the two largest meme­coins by means of total mar­ket cap­i­tal­iza­tion – Doge­coin and Shi­ba Inu – are up 20% and 35%, respec­tive­ly. Mean­while, lay­er-two Ethereum scal­ing solu­tion – Poly­gon (MATIC) – has also soared tremen­dous­ly by more than 50% over the past week.

All of this comes on the back of many investors and com­mu­ni­ty mem­bers call­ing for a bot­tom, although mar­ket sen­ti­ment remains large­ly depressed across the board. Data from the pop­u­lar cryp­to Fear and Greed Index clocks in at 11, which, although an improve­ment from last week, is still far into “Extreme Fear” territory.

All in all, it’s very excit­ing to see how the week­ly can­dle for most of the cryp­tocur­ren­cies will close on Sun­day and whether or not the cur­rent relief can extend into a broad­er recov­ery or if it’s just a dead cat bounce.

Market Data

Mar­ket Cap: $987B | 24H Vol: $76B | BTC Dom­i­nance: 40.8%

BTC: $21,130 (+4.2%) | ETH: $1,200 (+13%) | ADA: $0.49 (+5.2%)

24.06

This Week’s Crypto Headlines You Can’t Miss

Teth­er to Launch a British Pound-Pegged Sta­ble­coin (GBPT) in July. Teth­er – the com­pa­ny behind the largest sta­ble­coin by mar­ket cap USDT – will launch a new sta­ble cryp­tocur­ren­cy. This time, it will be pegged to the British Pound and will car­ry the tick­er GBPT. It’s sup­posed to go live in July.

Bit­coin Min­ers Sold 100% of Their Out­puts in May: Ana­lyst. Accord­ing to analy­sis, Bit­coin min­ers have been heav­i­ly sell­ing their pro­ceeds over the month of May. Arcane Research ana­lysts believe they sold even more BTC in the month of June. This could also be a sign that the price is get­ting clos­er to find­ing its bottom.

The Largest Investors’ Real­ized Loss in Bit­coin His­to­ry Just Hap­pened, But There’s Good News. Investors real­ized more than $7 bil­lion in loss­es dur­ing the weekend’s crash. This is accord­ing to research com­piled by the pop­u­lar resource Glassnode. This took place as Bitcoin’s price plunged from $21,000 to below $18,000 dur­ing the weekend.

Har­mo­ny Bridge Hacked, $100 Mil­lion Worth of Ethereum Lost. A num­ber of tokens were stolen through an exploit of Harmony’s Hori­zon bridge adding up to a total of around $100 mil­lion. These include wBTC, wETH, AAVE, and oth­ers. The team has start­ed work­ing with author­i­ties to iden­ti­fy the cul­prit and retrieve the stolen funds.

Solana Announces a New Cryp­to Smart­phone and a Web3 Devel­op­er Kit. Solana has announced that they will pro­duce and ship a smart­phone, and users are already able to sign up for the pre-order. It will cost approx­i­mate­ly $1,000 and will be avail­able for pur­chase ear­ly next year.

Binance Part­ners With Soc­cer Leg­end Cris­tiano Ronal­do to Launch Exclu­sive NFT Col­lec­tions. The world’s lead­ing cryp­tocur­ren­cy exchange – Binance – has teamed up with soc­cer leg­end Cris­tiano Ronal­do. The exclu­sive mul­ti-year NFT part­ner­ship aims to onboard fans into the Web3 and NFT world.

Charts

This week we have a chart analy­sis of Ethereum, Rip­ple, Car­dano, Binance Coin, and Solana – click here for the full price analy­sis.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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