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: TradingViewIt’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 CryptoInterestingly 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%.