News
Why is the crypto market up today? How strong is the sentiment?
- The total cryptocurrency market today increased by $39.6 billion to its market cap, reaching $2.33 billion.
- Bitcoin Makes Strong Run Hitting Intraday High of $65k
- Memecoin’s massive surge interrupts cryptocurrency consolidation phase.
The cryptocurrency market has had a good run over the past day, with the total cryptocurrency market cap rising to $2.3T after adding nearly $40B in 24 hours. Bitcoin has led the way, rising to an intraday high of nearly $65K.
Memecoins are stealing the show again with PEPE, Floki, WIF, Brett, Bonk and SHIB among the top gainers. Other altcoins that have performed well today are Mantra (OM), Jasmy, NEAR, ORDI, CORE and XEC.
Factors that support growth
- Speculations about China banning Bitcoin and cryptocurrencies have pushed some users into the buyer list.
- Market resistance to Bitcoin sell-off in Germany gives traders confidence.
- Spot Ethereum ETF launches on July 23. Bloomberg ETF analyst Eric Balchunas commented on their resumption of discussions with issuers to launch the ETF next week.
- Donald Trump announced JD Vance as his Vice President. Mr. Vance is also known for his pro-crypto approach.
Cryptocurrency market capitalization increases
Rising ETF inflows, the attack on Donald Trump, and favorable fundamental news have directly catalyzed the recent rally.
The market breached the resistance of $2.24T yesterday. It bounced off the resistance of $2.338, currently hovering at $2.30T. A continued move in the same direction will help further recovery and a pus above $2.4T.
Bitcoin has changed the game
The month of June and last week were characterized by dark clouds, with weak market sentiment, Bitcoin below the $60,000 support and altcoins in a consolidation phase.
But this week Bitcoin invalidated all the dark speculations and jumped from $60,000 to a weekly high of $65,000, turning the cryptocurrency consolidation into an accumulation zone.
In the current BTC/USDT chart, Bitcoin price is moving inside an ascending expanding wedge, the breakout will send the price directly near $72,000. But BTC must first convert $67,000 into support.
Memecoins are back in action
Memecoins are a delicate case: a sudden change in market sentiment can trigger a strong recovery in any direction at any time.
This week started with a spike in meme coins like Myro, PEPE, Andy, FLOKI, SHIB, BONK, WIF and many more, all of which are 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.
As current market conditions favor Bitcoin BTC andappear to be growing further, altcoins are poised to outperform, and the meme coin craze continues.