Why is the crypto market up today? Happy 4th of July

In this post:

  • The crypto market heads for a strong second half of 2023, with the global crypto market cap currently $1.26 Trillion.
  • The Solana (SOL) price has recovered since June 10, as whales show support for the coin they once saw potential in.
  • The Shanghai hardfork has motivated a fresh wave of Ethereum staking deposits.
  • Coinbase ($COIN) price surges by 12% as BlackRock files for BTC ETF again through Nasdaq.

From license approvals and legal battles to increased adoption and new ventures, the crypto ecosystem undergoes countless changes daily. The first half of 2023 may have been difficult, but analysts anticipate that the second half of the year will be profitable.

The average Bitcoin (BTC) closing price in January 2023 was $20,250.72. According to CoinMarketCap, the current price of Bitcoin is $31,045. The 24-hour trading volume of the coin is $15,998,746,666. Bitcoin has gained 1.37 percent in the last 24 hours.

Crypto markets start the last half of 2023 with good performance

Bitcoin dominated institutional fund flows for the second consecutive week, accumulating $124.7 million in inflows. Bitcoin represents 98 percent of all institutional fund flows. Also, the total crypto market cap has increased since June 15, when it rebounded at the $980 billion support level.

According to CoinGecko, the global crypto market cap is currently $1.26 Trillion, a change of 0.7% over the last 24 hours and 32.97% over the past year. The current market cap of Bitcoin (BTC) is $603 billion, representing a 47.9% market share.

Happy Fourth of July. While much of the United States is on vacation for the long weekend, market activity has been muted in the region. However, Bitcoin opened the Tuesday business day in Asia at $31,153, having risen above the $31,000 mark on Monday after a few prospective Bitcoin ETF issuers re-filed their applications.

Bitcoin appears to be forming a technical analysis pattern known as a “bull flag,” a pattern that indicates a rally is likely to continue. According to market analysts, Bitcoin could reach $35,900 in no time.

Solana bulls make a comeback

While it appeared that the SOL price was on its way to a new yearly low, current price activity shows that the rising trend will continue in the foreseeable future. SOL’s daily time frame technical analysis reveals a 33% rebound that began on June 10. 

The importance of this rise is that the price has recaptured the $17 horizontal area. The area was expected to provide resilience following the prior breakdown. The examination of wave patterns within the daily time frame is positive.

So, if the count is correct, the SOL price started rising on June 10 and will finally break over the resistance line. If it does, it will most likely reach the next resistance level of $26.

Shanghai upgrade revolutionizes ETH staking, and deposits skyrocket

Glassnode, an on-chain and financial metrics platform, reports that the Shanghai hardfork has prompted a new surge of Ethereum staking deposits as investors gain confidence in the network’s new flexibility. In a recent update, the on-chain financial metrics platform disclosed that deposit activity crested on Sunday when ETH staking recorded more than 13,595 new deposits worth over 408 thousand ETH.

To further illustrate the growth, Glassnode compared the ETH staking deposit and ETH exchange deposit transactions during the same time period. It demonstrated that ETH staking deposits dwarfed exchange deposit transactions by an increase of more than thirteen times. During the same time frame, the number of ETH exchange deposit transactions remained constant at approximately 30 000.

The increased adoption contributes to the favorable ETH trend, which saw the altcoin surpass the $1,900 level of formidable resistance. At the time of writing, ETH was trading at $1,957, supported by bullish momentum that could see the price test the $2,000 psychological level in the near future.

Coinbase ($COIN) price jumps by 12%

BlackRock’s recent Bitcoin ETF filing has dramatically boosted the price of Coinbase ($COIN). Nasdaq, where the BlackRock bitcoin ETF will be traded, chose Coinbase Global Inc. as its partner for a surveillance-sharing arrangement in its most recent filing on Monday. Some market players speculated that this collaboration could be critical in securing SEC approval for the BlackRock Bitcoin ETF. 

As a result of the action, the price of COIN has grown by 12%, and the crypto markets have continued to rise. Several fund managers, including BlackRock, were asked to resubmit their ETF applications after the SEC stated that those made on their behalf by Nasdaq and the Chicago Board Options Exchange (Cboe) were “inadequate.”

As the crypto markets stabilized in 2023, Coinbase’s stock has experienced a robust run. Compared to crypto markets, which have increased by about 52% during the same period, COIN has surged by more than 140% since the start of the year.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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