The digital currency market has increased by more than 26 billion US dollars over the last day, witnessing BTC and ETH surging by over 10%.
Yesterday, the most popular digital currencies have experienced a great surge, being responsible for the major increase of the crytomarket’s volume. The biggest gainers of June 30 were BTC and ETH, both experiencing over 10 percent growth. Other currencies, including IOTA, EOS, Cardano and NEO have also grown in price.
This rally can be related to the recovery of the poplar digital currencies’ DTV. Over the last 24 hours, the volumes of BTC and ETH have increased from 3 and 1.3 billion USD to 4.7 and 1.6 billion USD respectively.
Despite the fact the BTC price has grown by 11% from under 5,800 USD to 6,400 USD per coin, it has to stay above the 6,100 USD price next week to secure its position in the 6,500 US region and commence a solid short-term surge.
Currently, EMA and SMA indicate positive behavior for the short term, but some of the data suggests that BTC has slowed down its momentum, which indicates a possible downtrend to happen in the upcoming days.
It is not yet to be concluded that BTC has initiated its bullish cycle, as there is a bigger chance that this growth should instead be interpreted as a corrective rally, and its abrupt nature will only lead to a slight value drop for the majority of the digital currencies.
Arthur Hayes of the BitMEX cryptoexchange still believes that Bitcoin will manage the 50,000-dollar price by the end of 2018, claiming that this currency has seen lots of fluctuation and volatility, and it can manage to go from 5,000 USD to 50,000 USD, especially with the constantly growing number of financiers in the market.