The crypto market just added over $26 billion in the 24 hours between Sunday and Monday, as a major asset including bitcoin, Ethereum, and Bitcoin Cash rose as high than 10%.
Bitcoin, Ethereum, And Bitcoin Cash Are Massive Earners
Prominent digital assets recorded huge gains on June 30, as the volume of the cryptocurrency market suddenly spiked by numerous billions of dollars. Through Ether and bitcoin, the innate cryptocurrency of the Ethereum blockchain protocol, which is leading the market with solid 11 percent advances, other large digital assets such as EOS, Stellar, Cardano, IOTA, and NEO also had a substantial rise in value.
Today’s educative rally of bitcoin, Ether, and the rest in the crypto market can be mainly accredited to the retrieval of the regular transaction capacity of major cryptocurrencies. Preceding to the corrective rally, the volume of bitcoin and Ether remained less than $3 billion and $1.2 billion respectively. During the last 24 hours, the volume of BTC bounced back to $4.7 billion while the volume of ETH climbed to $1.6 billion.
Even though the price of the BTC has increased by 11 percent from lower than $5,800 to $6,400, it will need to stay higher than the $6,100 resistance level in the forthcoming days and secure momentum in the $6,500 section to initiate a proper short-term rally.
The bitcoin price has remained relatively stable around the $6,400 section for more than the past 12 hours, struggling to make any major movement on both the upside and downside. The other digital monies have kept their support levels for over 12 hours now.
As of recent, exponential and simple moving averages reveal a confident gauge in the short-term, but several momentum oscillators and indicators suggest that the momentum of bitcoin has slowed down in the past 12 hours, pointing towards a downtrend in the short-term.
It might be too early to give a conclusion that bitcoin has entered a bull cycle and a proper temporary rally. There happens to be a higher probability that the recent increase in the price of BTC was a corrective rally since it suddenly depreciated from $6,500 to $5,800, and due to the unexpected surge in the value of major digital assets. In the upcoming days, the value of most cryptocurrencies is likely to drop to some extent, retreating from 24 hours strong regaining.
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