On June 23, cryptocurrency traders were able to get a break from bearish market conditions. Bitcoin's (BTC), brief recovery to $34,880 caused a rally in altcoins. This triggered hope for a wider market recovery if the Wyckoff distribution model is true.
CoinMarketCap data shows that the cryptocurrency market capitalization dropped by almost $230 billion between June 20th and June 22. However, it managed to recover roughly $76 billion on June 23. It now stands at $1.365 trillion. Some traders saw the correction as an opportunity to dip-buy.
Bitcoin's market cap fell by $68 Billion, or approximately 11%, on June 22, but it has since recovered all losses. It is now at $630 Billion at the time this article was written.
The record-breaking rise in futures open interest at Binance, according to "CL", an anonymous trader on Twitter is further reason for optimism.
Altcoins make double-digit gains
Altcoins welcomed Bitcoin's rebound from its swing lows. Data from Cointelegraph Markets Pro reveals the majority of tokens today.
Data from Cointelegraph Markets Pro, TradingView shows that Cybervein (CVT) has been the largest gainer. Its price surged as high as 112% at one time, but it has since fallen to $0.0187. This represents a 62% increase since June 22.
ANKR was the second-best intraday performer, rising 72% between $0.047 and $0.082.
According to Cointelegraph Markets Pro data, the market conditions for ANKR were good for some time before the market-wide pullback of June 22.
Cointelegraph's exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
The chart shows that the VORTECS(tm), Score for ANKR was in the green during the week preceding June 2. It reached a peak of 71 on June 21 around ten hours prior to the market rebounded and increased by 72%.
Cointelegraph Markets Pro also identified other notable performances, including a pair 25% gains from VeThor Token and Flow, while Dogecoin (DOGE), the most popular market meme token, gained 20%.