What Can Traders Look Forward To As the Market Slowly Revive?
Release: 2024/07/09 22:04 Reading: 632
Cryptocurrency Market Sees Slight Recovery
The cryptocurrency market is slowly recovering from last week's bearish sentiment. In the past 24 hours, Ethereum trading volume has risen by 12%.
Since late June, the market has grappled with pessimism, leading to Bitcoin and Ethereum hitting five-month and two-month lows, respectively. The global market capitalization dipped below $2 trillion, and altcoins suffered significant declines.
However, the past 24 hours have witnessed a slight turnaround. The global crypto market cap now stands at $2.12 trillion, a 0.46% increase from the previous day. Trading volume has increased by 4.41%, reaching $81.58 billion. Bitcoin dominance has slightly decreased to 53.56%.
Bitcoin has climbed back to $57,800 but is currently facing a 0.23% decrease, trading at $57,526. Its trading volume has increased by 4%. Ethereum has gained 1% in the past 24 hours, accompanied by a 12% increase in trading volume. Memecoins like BRETT, BONK, and PEPE have shown a notable recovery.
Despite the modest improvement, concerns from recent events continue to linger. The market remains in a state of apprehension, fueled by news such as Mt. Gox's planned $2.6 billion Bitcoin distribution and the German government's Bitcoin movements.
Analysts Remain Cautiously Optimistic
Amidst these developments, analysts maintain cautious optimism about the future of the cryptocurrency market. Historical data suggests that high miner profitability often marks the end of correction periods during bull markets.
Similar patterns observed in 2024 indicate that while the precise end of the current adjustment period is uncertain, a bullish rally in the third quarter of 2024 seems possible. Furthermore, positive news regarding an ETH ETF could further brighten the outlook.
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