Dogecoin (DOGE) and Solana (SOL) Lead Crypto Market Recovery as Bitcoin (BTC) Reclaims $60K

According to data provided by CoinGecko, Dogecoin (DOGE), XRP and Solana (SOL) are among the top gainers over the past 24 hours. Each of the aforementioned cryptocurrencies has surged by more than 4%.

The total market capitalization of all cryptocurrencies listed on the website currently stands at $2.35 trillion.

Internet Computer (ICP), dogwifhat (WIF) and Jupiter (JUP) are among the best-performing cryptocurrencies in the top 100. Notably, ICP is the only token from the list that has managed to record double-digit gains.

Meanwhile, Bitcoin has surged back above the $60,000 level after multiple failed attempts to break through the important resistance level.

The flagship cryptocurrency managed to regain some ground after Saxony, a state in the eastern part of Germany, stopped selling its confiscated Bitcoins earlier this week.

However, the leading cryptocurrency is still down 18% from its record high that was achieved in March.

As reported by U.Today, Glassnode co-founders predicted that a significant capital rotation to alternative cryptocurrencies could take place in the near future. Bitcoin's dominance currently stands at 51%.

At the same time, Coinbase researchers recently predicted that the crypto market would remain underwhelming in the third quarter of the year due the the apparent lack of positive catalysts. There is still a lot of uncertainty about the potential market reaction to the upcoming launch of spot Ethereum exchange-traded funds (ETFs) in the U.S. since it is unclear what level of demand they will attract.

However, cooler-than-expected inflation could boost chances of a major price rally. According to QCP, hedge funds have been "aggressively" buying December and March Bitcoin options calls that are targeting six-digit Bitcoin prices.