After plunging several thousand dollars in under 12 hours, Bitcoin has rebounded from its multi-year low and now trades around $61,000.
Most altcoins remain down on a daily basis but have recovered some losses. This recovery is particularly notable for Zcash (ZEC), which suffered a steep decline yesterday, and Pi Network’s token (PI), which posted multiple all-time lows earlier this week.
Bitcoin Recovers $2K
It has been a turbulent few weeks for Bitcoin, and the recent period has favored bears. The asset was trading above $82,000 in mid-May before a sharp decline began. By the end of May it had fallen to $74,000, and the downward pressure intensified in early June.
Bitcoin quickly lost the $70,000 support level and then surrendered several more key supports in quick succession. Levels at $68,000, $65,000 and $62,000 failed to hold as selling accelerated, bringing BTC close to the $60,000 floor that previously held during the February crash.
Buyers initially defended that area, but yesterday it broke and Bitcoin plunged to just above $59,000 — its lowest price since before the November 2024 U.S. presidential election. After losing roughly $23,000 over several weeks, BTC has shown signs of a modest recovery and has bounced back to about $61,000 at the time of writing.
Bitcoin’s market capitalization has risen to approximately $1.225 trillion on CoinGecko, and its dominance over alternative cryptocurrencies has reclaimed roughly 56%.
ZEC, PI Rebound
Yesterday’s sell-off hit many cryptocurrencies, but Zcash was among the hardest hit after a vulnerability in its code was revealed and a large holder sold his position. ZEC dropped over 50% at one point, sliding from around $630 to below $300. The market has since partially recovered and ZEC is trading above $370.
Pi Network’s token fell below $0.15 earlier this week and recorded several consecutive all-time lows, reaching under $0.12 according to CoinGecko. Since then PI has rebounded and now trades roughly 7% above its recent low.
Ethereum (ETH) fell to $1,500 during yesterday’s sell-off but has climbed close to $1,600. Binance Coin (BNB) is trading around $580, while XRP has returned to approximately $1.10. Stellar (XLM) and another token, CC, are among the few altcoins showing gains today.
The total cryptocurrency market capitalization dipped to about $2.1 trillion yesterday. Although the market has reclaimed some ground, the total remains below $2.2 trillion on CoinGecko.