Bitcoin
Is the crypto market ready to grow?
Bitcoin Price appears to have found its footing and is starting to rise again after a recent decline. Crypto trading expert Michael van de Poppe is among those supporting the argument that Bitcoin has reached its lowest point and is now on an upward path. This change is also positively impacting other cryptocurrencies.
Here’s a closer look at current cryptocurrency market trends!
Recent Bitcoin Performance
Since today, Bitcoin is trading at $66,155. Recently, its price has fluctuated between $63,000 and $65,000, indicating that it may have bottomed out. 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 Bitcoin/USD 1-day candlestick chart now shows a large green candle, signaling upward momentum for Bitcoin. This is a positive sign that the price of Bitcoin is starting to rise from its recent low.
Impact on Altcoins
As the price of Bitcoin increases, other cryptocurrencies also perform better. On June 6, 2024, the market cap of altcoins reached a peak of $1.39 trillion. Today, June 20, 2024, it is $1.21 trillion, which is an improvement from yesterday’s $1.18 trillion. This suggests a recovery in the altcoin market alongside Bitcoin’s resurgence.
Bitcoin Dominance and Recent Movements
The dominance of Bitcoin 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, the price of Bitcoin was above $71,000. Since then, it has been falling consistently, with today’s opening price at around $64,915. In the last 30 days, the price of Bitcoin has decreased by 6.9%. In the last 7 days it varied -2.5%, but in the last 24 hours it rose 1.4%.
In conclusion, Bitcoin’s price decline appears 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 the market value of altcoins further highlights this optimistic outlook.
Bitcoin’s rally could signal a new surge in the cryptocurrency market, pointing to a more optimistic future for cryptocurrency traders and investors.