Altcoin
Is the cryptocurrency market ready to grow?
The price of Bitcoin It seems to have found its footing again and is starting to grow again after a recent decline. Cryptocurrency trading expert Michael van de Poppe is among those who support the thesis that Bitcoin has hit its lowest point and is now on an upward path. This change is having a positive impact on other cryptocurrencies as well.
Here’s a closer look at the current cryptocurrency market trends!
Bitcoin’s recent performance
Like today, Bitcoin it is trading at $66,155. Recently, its price has fluctuated between $63,000 and $65,000, indicating that it may have hit bottom. According to Michael van de Poppe, this range likely marked the lowest point for Bitcoin, which is now expected to rise further.
Bitcoin market indicators
The daily candlestick chart of Bitcoin/USD now shows a large green candle, signaling bullish momentum for Bitcoin. This is a positive sign that Bitcoin price is starting to rise from its recent low.
Impact on Altcoins
As the price of Bitcoin rises, other cryptocurrencies are also seeing improved performance. On June 6, 2024, the altcoin market capitalization peaked at $1.39 trillion. Today, June 20, 2024, it stands at $1.21 trillion, an improvement from yesterday’s $1.18 trillion. This suggests a recovery in the altcoin market alongside the resurgence of Bitcoin.
Bitcoin dominance and recent movements
Bitcoin’s dominance the value is currently at 51.8%, close to the 6-month peak of 52.47% reached on June 18, 2024. Earlier this month, on June 5, Bitcoin price was above $71,000. Since then, it has steadily fallen, with today’s opening price at around $64,915. Over the past 30 days, the price of Bitcoin has decreased by 6.9%. In the last 7 days it has changed by -2.5%, but in the last 24 hours it has increased by 1.4%.
In conclusion, the decline in the price of Bitcoin seems to have stopped and is now starting to rise again. This upward trend also benefits other cryptocurrencies, suggesting a positive change in overall market sentiment. The recovery in altcoin market capitalization further underlines this optimistic outlook.
Bitcoin’s rebound could signal a new surge in the cryptocurrency market, pointing to a more optimistic future for cryptocurrency traders and investors.