Upbeat Crypto Trade Fuels Rally in Bitcoin, Ethereum
Market cap stands at $1.42 trillion, rising 2.7 per cent over previous day, though trading volume drops 4 per cent
The market sentiment today took the path of renewed optimism as Bitcoin (BTC), Ethereum (ETH) and most major altcoins registered growth.
BTC broke past the $34,000 level, as bulls were back in action over the weekend, gaining 2.8 per cent. BTC was able to overcome the first resistance level at $34,000 and touched the second resistance level of $34,520 during the day before ending at $34,215 as of 9am IST.
BTC is expected to gain momentum in the coming week despite the recent crackdowns. A report by Bloomberg Intelligence painted a brighter second half of the year for BTC based on expected investments. The BTC trading volumes, however, continued to decline in anticipation of the unlocking of Grayscale Bitcoin Trust (GBTC) shares this week.
Ethereum (ETH), the second largest cryptocurrency by market cap, gained by 3.4 per cent to close strong at $2,160 today. ETH steered clear of the support levels but failed to brush past the first resistance level at $2,190.
Major altcoins, in line with the broader market sentiment, registered overall gains. UniSwap (UNI) recorded the highest growth of 5.6 per cent, while coins such as Binance Coin (BNB), Dogecoin (DOGE) and Ripple (XRP) recovered modestly by 2 to 3 per cent.
The global crypto market cap stood at $1.42 trillion as of 9am IST, increasing 2.7 per cent from the previous day. In contrast, the global crypto trade volume continued to decline with a 4 per cent drop today.
- Synthetix (SNX): 21.5%
- Nano (NANO): 12.0%
- EOS (EOS): 11.3%
- Stacks (STX): -7.3%
- Flow (FLOW): -5.7%
- Decentraland (MANA): -4.5%
[The analysis includes top 100 coins only as of 9am IST]
Crypto News at a Glance
- A total of nearly 40,000 BTC will be unlocked by the Grayscale Bitcoin Trust (GBTC) in July, amounting to nearly $1.5 billion in notional value. More than 16,000 BTC will be released on July 18, after the mandatory six-month lock-in period.
- The prices of over 14 tokens listed on ChainSwap Bridge, a cross-chain asset bridge and application smart chain, crashed by 99 per cent, raising concerns over the increasing number of exploits happening on the DeFi ecosystem. ChainSwap, however, insists that the funds from the individual wallets are safe.
- As per a recent survey conducted by Nickel Digital Asset Management, 82 per cent of institutional investors and wealth managers expect to increase their crypto exposure by 2023. The survey included investors from the US, France, Germany, the UAE, and the UK.
- In its bi-annual Monetary Policy Report, the US Federal Reserve noted the increased risk exposure by investors as the reason for the astronomical surge in crypto asset prices.