Markets
Why is the cryptocurrency market up today? How strong is the sentiment?
- The total cryptocurrency market today increased by $39.6 billion to $2.33 billion.
- Bitcoin Makes a Nice Comeback, Hitting an Intraday High of $65,000
- Impressive rise of major Memecoins breaks the consolidation phase of cryptocurrencies.
The cryptocurrency market had a good run over the past day, with the total cryptocurrency market cap rising to $2.3 trillion after gaining nearly $40 billion in 24 hours. Bitcoin led the way as it hit an intraday high of nearly $65,000.
Memecoins are stealing the show again with PEPE, Floki, WIF, Brett, Bonk, and SHIB making the top gainers list. Other altcoins performing today are Mantra (OM), Jasmy, NEAR, ORDI, CORE, and XEC.
Factors promoting growth
- Speculation about China banning Bitcoin and cryptocurrencies has pushed one side of users towards the buyers list.
- Market resistance to Germany’s Bitcoin selloff gives traders confidence.
- Spot Ethereum ETF launches on July 23. Bloomberg ETF analyst Eric Balchunas commented on the resumption of discussions with issuers to launch the ETF next week.
- Donald Trump has announced the nomination of JD Vance as his vice president. Mr. Vance is also known for his pro-crypto approach.
Cryptocurrency market capitalization is increasing
Increased ETF flows, the attack on Donald Trump and favorable fundamental news have directly catalyzed recent growth.
The market broke through the $2.24T resistance yesterday. It rebounded from the $2.338T resistance, currently sitting at $2.30T. A continued move in the same direction will favor a further recovery and a move above $2.4T.
Bitcoin has changed the game
June and last week were covered in dark clouds with weak market sentiments, Bitcoin below the $60,000 support and altcoins consolidating.
But, this week Bitcoin invalidated all dark speculations and rose from $60,000 to the weekly high of $65,000, turning the crypto consolidation into an accumulation zone.
On the current BTC/USDT chart, Bitcoin price is now trading within a widening ascending wedge, a breakout will propel the price directly to the $72,000 area. But BTC must first flip the $67,000 to support.
Memecoins are back in action
Memecoins are a sensitive case, a change in market sentiment will trigger a strong rally in any direction at any time.
This week started with a surge in meme coins like Myro, PEPE, Andy, FLOKI, SHIB, BONK, WIF and others are all in the green zone today.
With the market cap of memecoins reaching nearly $50 billion, the market dominance of this cryptocurrency category is also increasing. These penny cryptocurrencies play a vital role in maintaining the market momentum.
Current market conditions being favourable Bitcoin BTC iCryptocurrencies are looking to grow further, altcoins are poised to outperform, and the meme cryptocurrency craze continues.