Dogecoin (DOGE), XRP, and Solana (SOL) have emerged as the top performers in the crypto market recovery, with each experiencing an increase of over 4% in the past 24 hours, according to CoinGecko. The total market capitalization of all listed cryptocurrencies currently stands at $2.35 trillion.
Surprisingly, Internet Computer (ICP), dogwifhat (WIF), and Jupiter (JUP) have also proven to be strong contenders among the top 100 cryptocurrencies. ICP stands out as the only token on the list to achieve double-digit gains.
In the meantime, Bitcoin has successfully surpassed the $60,000 level after several unsuccessful attempts to break through this crucial resistance level. The cryptocurrency regained momentum after Saxony, a state in Germany, halted the sale of its seized Bitcoins earlier in the week.
Despite this recovery, Bitcoin is still 18% lower than its all-time high reached in March. Glassnode co-founders previously forecasted a possible shift in capital to alternative cryptocurrencies, indicating Bitcoin’s current dominance at 51%.
Coinbase researchers, on the other hand, anticipate a lackluster third quarter for the crypto market due to the absence of positive catalysts. The introduction of spot Ethereum exchange-traded funds (ETFs) in the United States remains uncertain in terms of their demand and market impact.
Nevertheless, there is potential for a significant price rally if inflation remains subdued. Hedge funds have reportedly been purchasing Bitcoin options calls for December and March, targeting six-figure Bitcoin prices, according to QCP.