As a researcher with experience in the cryptocurrency market, I’m observing with great interest the recent surge in the overall market capitalization, which now stands at around $2.25 trillion, representing a 1.8% increase in just 24 hours. The renewed confidence among Bitcoin buyers is palpable, as they aim to push the price beyond $59,000 and potentially reach the elusive $60,000 level.
I’ve analyzed the cryptocurrency market’s performance over the last 24 hours, and I can report that it experienced a rebound. The total market capitalization has grown by 1.8%, reaching approximately $2.25 trillion as of now.
Following recent gains in investor confidence, Bitcoin enthusiasts aim to propel the cryptocurrency’s price towards $60,000. Meanwhile, large-cap altcoins display conflicting indicators, while certain emerging coins exhibit noteworthy growth trends.
Let’s have a look.
Bitcoin’s Price Pushing for $60K
Bitcoin’s price has been propelled closer to $59,000 by the recent return of bullish sentiment, with investors optimistic about reaching the desirable $60,000 mark.
According to the graph, the purchasers managed to exceed the $58,200 resistance level, resulting in a peak price of $59,450 for the cryptocurrency within the current trading session.
Noting recent developments, the price has shifted direction in the past few hours and is currently aiming to challenge the previously cited resistance level. A favorable response in this region could potentially pave the way for an advance towards $60K.
Market volatility has significantly diminished, leading to a substantial decrease in derivative positions being liquidated. The current figure stands at approximately $103 million, as reported by CoinGlass. Notably, Bitcoin makes up around 30% of this total, and a sizeable 63% of all liquidations involve short sellers.
Altcoins Give Mixed Signals
The cryptocurrencies ranking among the top 20 based on market capitalization are providing conflicting indicators. A few of these altcoins failed to take advantage of the recent price surge.
I’ve analyzed the current cryptocurrency market trends, and I notice that DOGE, MATIC, NEAR, BCH, and UNI are all experiencing a 2% decrease in value at present. In contrast, Ethereum has maintained its position above $3K, but it has suffered a 0.8% loss on a day-to-day basis.
I’ve noticed that this uncertainty is mirrored in the broader market mood as well. Based on the widely-used Fear and Greed Index, the index now stands in the “fear” category, although it has improved somewhat compared to the previous day.
Of course, this doesn’t apply to all altcoins.
In the last 24 hours, Bittensor’s TAO has seen a remarkable surge, gaining an impressive 11%, making it the top performing asset of the day.
At the other extreme, Ethereum Name Service (ENS) experienced a decline of 7.1%.
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2024-07-10 11:54