Key Takeaways
- Crypto markets continue to linger around the same levels as Bitcoin price remains stuck around $30,500 region.
- The altcoins display some potential but fail to rise and surpass their respective resistance levels.
- The day’s trade began with sluggish price action and is expected to remain choppy for the rest of the day.
CRYPTO MARKET TODAY AT A GLANCE
The crypto markets witnessed a notable jump during the last training day as Bitcoin rose slightly beyond its consolidation, around $30,000. The global market capitalization soared above $1.19 trillion and continues to remain at these levels at the moment, with a slight rise of 0.11%. Besides, the 24-hour volume is around $26.8 billion, with a notable drop of 16.93%, while the stablecoin volume is around $24.41 billion. The dominance of Bitcoin also witnessed a drop of 0.01%, which is currently around 49.90%.
The Bitcoin price remains stuck within the same region, around $30,577, with an absence of volatility and volume. Besides, Ethereum’s price is struggling hard at $1887, intending to clear the $1900 resistance at the earliest. The other popular tokens like BNB, ADA, SOL, MATIC, etc. recorded massive jumps of 1.53%, 1.13%, 1.65%, and 0.58%, respectively. Meanwhile, XRP, LTC & DOGE remain under bearish influence but may rebound soon.
| Global Crypto Market Cap | $1.19 trillion |
| Rise or Fall in Crypto Market Cap | +1.11% |
| Total Crypto Market Volume | $26.8 billion |
| Total DeFi Volume | $2.06 billion |
| Bitcoin Price | $30,589.19 |
| Bitcoin Dominance | 49.90% |
| Ethereum Price | $1,882.53 |
*As of 12-July-2023, 08:15 am
Bitcoin Price Lingers Around $30,500
Source: Tradingview
- The Bitcoin price continues to trade within the parallel channel but has maintained a significant upswing over the past few days.
- It has been trading within a rising parallel channel within an existing channel, which may cause the price to rise beyond the average levels of the channel.
- Besides, the ADX, which determines the strength of the rally, is surging; hence the price is believed to gain huge momentum to propel high as RSI is also bullish.
- Therefore, the Bitcoin price could maintain a healthy upswing throughout the day and may reach levels close to $30,600
Read On: Bitcoin Price Prediction
Ethereum Price Struggles to Reach $1900
Source: Tradingview
- The Ethereum price remains stuck along the lower support of the ascending triangle but has been trading toward the north.
- The token is displaying some strength as the RSI is rising towards overbought levels, increasing the chances of reaching $1900 anytime.
- However, the bulls still lag some strength, which is required to reach beyond $2000; hence a rejection may be possible as the price reaches the upper resistance at $1977
- Therefore, like Bitcoin, Ethereum may maintain a healthy upswing throughout the day but may not reach the desired target of $1920.
Read More: Ethereum Price Prediction
Latest Updates of the Crypto Market
- In a recent update of the Mt.Gox Rehabilitation plan, the trustee of the exchange said that the repayment could happen by the end of October 2023, which is expected to impact the markets to a large extent.
- Coinbase shares continue to rise amid the ongoing ETF optimism manifesting the confidence of the traders over the platform.
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