After a few days in the shadows behind ETH, Bitcoin is finally turning around a bit more than most other major cryptocurrencies. Are we seeing a more bullish crypto market going forward?
For the previous few weeks, the crypto market has remained mostly unchanged. This constant upheaval makes it difficult to maintain a calm disposition. And it’s probably going to take time. Traders can make money in cryptocurrency right now. However, long-term investors may be disappointed. However, investors and traders are beginning to see some hope after a long bad market. As macroeconomic circumstances deteriorate and the possibility of a recession grows, investors desire risky assets such as Bitcoin and Ethereum, which have shrunk by about 70% from their highest values. Even if it’s only for the time being, it looks like hunger has returned in the digital asset market. Here at Crypto Lists, we will take you through some of the positive news witnessed in the past few days.
The price of Bitcoin hit a high of $23,000
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Bitcoin seems to be on a rampage since its July 13 price plunge to below $19,000, fueled by record-breaking US inflation figures.
The asset rebounded from the weekly minimum and regained $20,000 within several days. For the third consecutive weekend, Bitcoin rose sharply in value, reaching about $22,000 at the climax of Sunday’s trading hours. Monday began with a dip beneath $21,000; however, the crypto quickly rebounded and surged to a new monthly peak exceeding $22,500.
Only a few hundred dollars’ worth of gains has been made in the last 24 hours, pushing bitcoin close to the $23,000 mark. However, it has since gone down by more than $1,000 and is now above $22,000 at the time of this writing.
Supply: 18,925,000 / 21,000,000
Release date: January 3, 2009
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ETH and altcoins rebound
The altcoins have been doing fairly well, as seen by the decline in BTC supremacy. Ethereum has taken the lead in this. When it dropped below $1,000 a little over a week ago, the coin quickly recovered and briefly crossed the $1,600 mark this morning. It’s currently down to $1,553 at the time of this writing, but it’s still positive on a daily basis.
Solana, which gained 9%, is also trading a little above $45 at the moment. BNB, Ripple, and Avalanche, on the other hand, are barely in the safe zone. SAND, ETC, APE, Flow, and NEAR are the most outstanding among the smaller and mid-cap altcoins.
Rise of crypto market-cap to over 1 trillion dollars
After several weeks of extensive selling in response to the Bitcoin (BTC) price dropping to annual lows of around $18,000, crypto traders had reason to celebrate on July 18 when the entire market capitalization of the cryptocurrency market soared back to just above $1 trillion level. The current gains are more than $100 billion. The price estimate for Bitcoin after today´s 5% increase is between 25000 and 30000 USD on the upside and between 15k and 19200 USD on the downside.
How to classify a crypto market turnaround?
The crypto market is still in a bear market, regardless if you like it or not. In order to classify for a complete turnaround, the 30 000 USD level need to be exceeded for a minimum of two days when talking about Bitcoin (BTC). When it comes to Ethereum (ETH), 19200 or 20 000 USD depending on how you see it – will be the magical numbers for a turnaround at this phrase of the market.
Look at the trading ranges
The most important trading range levels to watch for Ethereum (ETH) right now is $1900 and $2000 on the upside, followed by 2175 USD, while the downside to watch out for is between 1500 and 1130 USD. If reaching above 2175 USD, we are likely to see a complete turnaround for ETH – at least if it stays like that for a couple of days. Current price estimates for Bitcoin is
Where can you buy Bitcoin and Ethereum?
In our review of BTC, there is also a guidance where to buy it. The same is true for Crypto Lists review of ETH. There are around 20 highly trusted crypto exchange sites where you can buy Bitcoin right now, with a deposit method of your choice, may it be Apple Pay, AliPay, Neteller, Visa card, Union Pay or a cryptocurrency such as Dogecoin. Find a top list of 100´s of deposit methods here.
Conclusion
It is vital to keep in mind that bear markets have always had rebounds. In a downward trending macroeconomic situation, this should be given special consideration. A point to note, however, is that Bitcoin’s trading volume looks to be returning to normal following a sharp rise in June, signaling a flurry of activity as many investors opted to liquidate their holdings.
Altcoins have already outperformed Bitcoin in July because their accomplishments appear to be linked to the value of Bitcoin. In light of market mood and trading data, we predict crypto assets to recover some of their losses throughout this month.
Keep following and reading Crypto Lists articles to be informed on what is happening in the crypto world to aid your investment decision-making.
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