Markets
Why is the cryptocurrency market bullish today? How strong is the sentiment?
- The total cryptocurrency market today surged to add $39.6 billion to its market cap, reaching $2.33 trillion
- Bitcoin makes a strong run, hitting an intraday high of $65,000
- The impressive rise of major Memecoins interrupts the consolidation phase of cryptocurrencies.
The cryptocurrency market has had a good run in the last day, the total cryptocurrency market cap moved to $2.3T after adding almost $40B in 24 hours. Bitcoin led all this by moving to an intraday high of almost $65K.
Memecoins steal the show again with PEPE, Floki, WIF, Brett, Bonk, and SHIB making up the list of top gainers. Other altcoins that performed well today were Mantra (OM), Jasmy, NEAR, ORDI, CORE, and XEC.
Factors supporting growth
- Speculation about China banning Bitcoin and cryptocurrencies has led some users to the buying list.
- Market resistance to Germany’s Bitcoin liquidation action gives traders confidence.
- Spot Ethereum ETF launches on July 23. Bloomberg ETF analyst Eric Balchunas commented on the rekindled discussion with issuers to launch the ETF next week.
- Donald Trump has announced JD Vance as his vice president. Mr. Vance is also known for his pro-crypto approach.
Crypto Marketcap is Rising
Increased ETF flows, the attack on Donald Trump, and favorable fundamental news directly catalyzed recent growth.
The market broke the $2.24T resistance yesterday. It bounced back from the $2.338 resistance and is currently hovering at $2.30T. A continued move in the same direction will help it recover and push above $2.4T.
Bitcoin changed the game
The month of June and the past week have been covered by dark clouds with weak market sentiments, Bitcoin below the $60K support and altcoins undergoing consolidation.
But this week Bitcoin invalidated all dark speculations and rose from $60,000 to a weekly high of $65,000, changing the cryptocurrency’s consolidation into an accumulation zone.
On the current BTC/USDT chart, Bitcoin price is now moving inside a broadening ascending wedge, a breakout of which will send the price straight to near $72,000. But BTC needs to flip $67,000 as support first.
Memecoins are back in action
Memecoins are a delicate case, a change in market sentiment can trigger a sharp rally in either direction, at any time.
This week started with the spike of meme coins like Myro, PEPE, Andy, FLOKI, SHIB, BONK, WIF and more, all in the green zone today.
With the memecoin market cap reaching nearly $50B, the market dominance of this crypto category is also increasing. These penny cryptos play a vital role in maintaining market momentum.
How current market conditions favor Bitcoin BTC Is would like to grow further, altcoins are in the pipeline to outperform, and the meme coin craze continues.