Key Takeaways
- The crypto markets are trying hard to rise a step higher than the current consolidation but the bearish grip does not appear to have loosened a bit.
- The prices of the popular tokens are gaining some strength as they began the day’s trade on a bullish note.
- The technicals appear to be bullish; hence, the prices may remain elevated until the end of the day.
CRYPTO MARKET TODAY AT A GLANCE
After enduring intense bearish pressure for a few days, the markets breathed a sigh of relief. The prices of the top cryptos experienced a slight jump, due to which the global crypto market cap surged back above $1.19 trillion with a jump of 1.67%. Besides, the trading volume soared above 50% to mark the level at $32.33 billion, while the stablecoins continue holding more than 93% of it.
The Bitcoin price has risen marginally in the past 24 hours and is trading at $30,540 with a market cap of around $593.28 billion. Besides, the second largest crypto, Ethereum, followed BTC’s price, recording a similar surge and trading at $1882.90. Polygon (MATIC) is among the top gainers with a nearly 10% jump, led by Mina (MINA) with a 17.08% rise. Other popular cryptos surged recently, but the Dogecoin rally does not appear to have been triggered.
| Global Crypto Market Cap | $1.19 trillion |
| Rise or Fall in Crypto Market Cap | +1.18% |
| Total Crypto Market Volume | $32.22 billion |
| Total DeFi Volume | $2.05 billion |
| Bitcoin Price | $30,495.2 |
| Bitcoin Dominance | 49.8% |
| Ethereum Price | $1,880.19 |
*As of 11-July-2023, 08:15 am
Bitcoin Price Surges by 1.16% and Approaches $30,500
Source: Tradingview
- The Bitcoin price witnessed a decent rise in the early trading hours but continues to trade below the major resistance.
- The Bollinger bands are preparing to get squeezed, which may compress the price to a large extent and result in a price explosion.
- The RSI in the short term, continues to remain along the upper resistance and, despite a minor pullback, it has been displaying acute strength.
- Therefore, the price is believed to rise above the upper resistance following a breakout as bullish signals flash for the BTC price.
Read More: Bitcoin Price Prediction
Ethereum Price Prepares for a Bullish Move
Source: Tradingview
- The Ethereum price follows the bullish trade setup and trades within an ascending triangle, aiming to reach the apex.
- The bulls managed to prevent the price from breaking the lower support of the triangle as it traded along the rising trendline.
- The price is expected to follow an ascending consolidation and reach the apex, which is located around $1835.
- A bullish breakout from these levels may initially pave the way for giant price action beyond $19000 and later above $2000.
Additional Read: Ethereum Price Prediction
Latest Updates of the Crypto Market
- Despite Coinbase’s facing a lawsuit from the SEC, the company’s share value has risen by more than 50%.
- In an interesting update, Bitcoin was sold for $3000 less than the normal price on Binance.US as it became more scarce.
- A top analyst from JP Morgan believes that the Bitcoin ETF may not be a game-changer for the crypto space.
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