Crypto Market Today: Bitcoin Stabilizes, Altcoins Set for Massive Rally
Elena R18 Jul 20242 min read
The cryptocurrency market has shown remarkable resilience, stabilizing around the $2.5 trillion mark following Bitcoin’s recent bounce from the crucial $64,000 support level.
With all the frenzy around the globe, institutional investors are increasingly turning to digital assets as a hedge, propelling demand to new heights. As this trend solidifies, the narrative is shifting in favor of cryptocurrencies as a more robust long-term investment compared to traditional assets.
Good news, right? Is a bull run coming? Here are the answers.
Waiting and Watching: When Will Bitcoin Move?
Bitcoin price has been trapped in a consolidation mode in the past four months. The flagship coin has been oscillating between $60k and $71k since March despite the notable cash inflows through the US spot BTC ETFs.
According to veteran trader Peter Brandt, Bitcoin prices have been forming lower highs and lower lows, an established characteristic of a falling trend.
On-chain data from Santiment reveals that non-zero Bitcoin addresses have declined by over 672,000 in the past month. However, the rising demand from institutional investors has countered the short-term decline in Bitcoin addresses.
In the past nine days alone, US spot Bitcoin ETFs have seen more than $2 billion in cash inflows, offsetting sales by Germany’s government.
Prepare for Altseason!
As the fear of further crypto capitulation diminishes, Bitcoin addresses have decreased as investors shift towards altcoins. Bitcoin’s recent dominance hinted at an inevitable reversal, supported by the bearish divergence of the weekly Relative Strength Index (RSI).
Ether ETFs Will Change the Game
In a significant development, the US Securities and Exchange Commission (SEC) has approved two spot Ether ETFs—Grayscale Ethereum Mini Trust and ProShares Ethereum ETF—to begin trading on NYSE Arca next week. The introduction of spot Ether ETFs in the United States is expected to be a major victory for the entire altcoin industry.
Moreover, Ethereum serves as a key liquidity provider for the altcoin market.
Also Read: ‘Bitcoin Positioning Remains Neutral, No Clear Edge’: Jason Shapiro
Are you ready to ride the next crypto wave? We sure are!
