PEPE, WIF, FLOKI Explode by Double Digits While BTC Retraces After Mt. Gox News (Market Watch)

Bitcoin jumped above $65,000 for the first time in weeks, but the Mt. Gox news sent the asset down more than $2,000 in minutes.

The prices of several altcoins, which mostly represent the meme coin industry, have risen by double digits in the past day.

BTC goes up and down

The cryptocurrency ended the previous volatile week on a high note after recovering some recent losses and reaching around $58,000. The weekend was expected to be less volatile but the failed assassination attempt against crypto-friendly US presidential candidate Donald Trump brought massive volatility.

The leading cryptocurrency jumped a few thousand dollars to hit $60,000 for the first time in more than a week. Monday saw an even more impressive surge that pushed bitcoin to $63,000, its highest level in two weeks. The early hours of Tuesday saw another surge that pushed bitcoin to $65,000.

This means that the assets have recovered more than $10,000 since their collapse on July 5. But at that time, news broke that Mt. Gox had moved billions of dollars worth of Bitcoin, and the markets responded with a terrifying decline.

Within hours, the cryptocurrency fell by 2,500 to $62,500. Its market cap dropped to $1.234 trillion, while its dominance over altcoins dropped to 51.2%.

Meme Coins on the Way

Most of the large-cap altcoins are in the red today after a few days of consecutive gains on the chart. ETH, SOL, BNB, TON, ADA, TRX, AVAX, and DOT are all reporting some losses today, as is Polkadot’s last native token, which is down almost 5%.

In contrast, PEPE emerged as the biggest gainer today. The meme coin is up 16% in the past 24 hours and is now trading above $0.000013. OM also registered a similar increase, while WIF and FLOKI jumped 14% and 13%, respectively.

The total cryptocurrency market cap remains above $2.4 trillion, but has fallen by $50 billion since its peak earlier today.