The beginning of the new week saw the total cryptocurrency market attempt a recovery, with its capitalization pushing toward the important $2.5 trillion market, up 2.6% on the day.
Bitcoin’s price is now around $63K, and the majority of the altcoins are also posting gains. Important events will take place this week that are worth watching, so let’s dive in.
Bitcoin Price Pushes to $63K
At the time of this writing, Bitcoin’s price is trading at around $62,800, having touched a daily high of around $63,700. This represents an increase of 2.6% in the past 24 hours for the primary cryptocurrency.
Source: TradingView
It’s interesting to see if BTC will be able to retain these gains and build on them or if the bears will be able to push the price back toward $60K.
In any case, as we reported earlier today, some analysts are positive that July will be a good month for Bitcoin. They argue that it has historically been a month of gains, especially following a red June (as it was this year).
As mentioned earlier, though, there are a few important economic events that will take place in the US this week and might have an impact on the price action. These are:
June ISM Manufacturing PMI Data – on Monday.
Fed Chair Powell will speak – on Tuesday.
JOLTs Jobs Data – on Tuesday.
Fed Meeting Minutes – on Wednesday.
Stock Market will be closed – on Thursday.
June Jobs Report data – on Friday.
Solana Leads Altcoin Recovery
Many of the large-cap altcoins are also trading well in green, with SOL being a notable example. The cryptocurrency increased by 4.6%, and is now pushing for $150.
LINK increased by 5.31%, AVAX – by almost 6%, NEAR – by 5%, and so forth.
Source: Quantify Crypto
Interestingly enough, some categories are performing a lot better compared to others. For example, meme coins on Solana and Base have charted, on average, gains between 13% and 9%, respectively.
This is considerably more in comparison to the general category of meme coins (across all chains and all themes), which is up by about 3%.
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Cryptocurrency charts by TradingView.
