Over the past 24 hours, the crypto market added more than $26 billion as major assets such as Bitcoin, Ethereum and Bitcoin Cash rose by more than 10%. The major digital assets recorded the large gains on June 30th, as the crypto market volume surged by several billions of dollars.
Bitcoin and Ether led the market with up to 11% gains – but other large cryptocurrencies also followed – such as EOS, Stellar, Cardano, IOTA and NEO which all rose substantially in value.
The corrective rally of the largest cryptocurrencies is probably attributed to the recovery of the daily trading volume of major cryptocurrencies. Before this rally, the volume of Bitcoin and Ether remained below $3 billion and $1.2 billion respectively. Over the past 24 hours, BTC rebounded to $4.7 billion while the volume of ETH rose to $1.6 billion.
Still, even though the price of BTC increased by 11% going from below $5,800 to $6,400, it needs to remain above the $6,100 resistance level in the upcoming days and momentum in the $6,500 region to initiate a proper short-term rally.
Currently, the exponential and simple moving averages demonstrate a positive indicator in the short-term. However, various momentum oscillators and indicators suggest that the momentum of Bitcoin has slowed down over the past 12 hours, possibly going towards a downtrend in the short-term.
Meanwhile, the CEO at BitMEX (major Bitcoin exchange) Arthur Hayes stated that Bitcoin has a mid-term BTC price target of $50,000 by the end of 2018. He also emphasized that the correction is different than the one in 2014 because a significantly larger number of investors are now involved in the market.
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