The crypto market has invested around $26 billion overnight, in assets like Bitcoin, Ethereum, and Bitcoin Cash. This sudden boost increased the prices of the following crypto currencies by more than 10%.
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Bitcoin, Ethereum, and Bitcoin Cash are today's Top Gainers
On June 30, billions of dollars very invested in major cryptocurrencies which surged the whole crypto market. Bitcoin and Ether recorded a gain of 11% due to this investment. The impact of this gain was also evident on other Digitial assets as well like; such as EOS, Stellar, Cardano, IOTA, and NEO.
Prior to the corrective rally, the volume of bitcoin and Ether was remained below $3 billion and $1.2 billion respectively. Over the past 24 hours, the volume of BTC rebounded to $4.7 billion while the volume of ETH rose to $1.6 billion.
The price of bitcoin has been raised 11% which is from below $5,800 to $6,400. According to the technical analysis performed by our team, there is a resistance level on $6100 and bitcoin is needed to remain above this level to secure momentum in the $6,500 region toin order to initiate a proper short-term rally.
Currently, exponential and simple moving averages shows a positive indicator in the short-term, but various momentum oscillators and indicators suggest that the momentum of bitcoin has slowed down in the past 12 hours which may lead to a downtrend in a short-term.
However, it is too early to predict that bitcoin has entered a bull cycle. It is expected that all digital assets may experience a small drop in coming days.
$50,000 by 2018?
Arthur Hayes, the CEO at BitMEX, has said that his mid-term BTC price target of $50,000 by the end of 2018 is still in play and can still be reached.
Hayes emphasized that the correction of BTC and the crypto market is different to its correction in 2014, because a significantly larger number of investors are actively involved in the market. And it is definitely a positive sign for most of the investers out there.
âIn 2013 to 2015, we went for $1,200 to $200. In 2015 to 2017, (we went from) $200 To $20,000. So, weâve done these sort of moves before. I think the time span is going to shorten because you have many more people involved in the market, who have invested capital and resources to trade this asset class,â said Hayes, noting that if BTC is capable of rising to $20,000 in a single year, a drop to $6,000 should also be expected.
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