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The market data is provided by the HitBTC[1] exchange.
The total market capitalization of the crypto universe jumped from the $233 billion levels on June 29 to about $260[2] billion on June 30. That’s a jump of about 11.58 percent within a day. This shows that the cryptocurrencies still have the vigor and can recover sharply when the trend changes.
There have been many comparisons between Bitcoin’s plunge in 2014 to its current correction. However, we believe that the recovery will not be similar because four years back, the leading digital currency had little reach outside of its core supporters, whereas, in 2018, it is being covered extensively by the media.
Still, the influx of institutional money, whenever it happens, will be a major event and will cause a lot of upheavals in the price of different cryptocurrencies.
Mohamed El-Erian, a chief economic advisor at Allianz, wants to buy Bitcoin if it declines to $5,000[3] levels. This shows that the traditional investors are waiting to enter this space. Various analysts and investors have their own targets on how high can Bitcoin rise.
Arthur Hayes, the co-founder and CEO of BitMEX, believes that Bitcoin can rally to $50,000[4] levels by the end of the year. While we believe that it is too much to ask for that kind of a rally, we believe that it is closer to the bottom than ever before.
Let’s see if we find any buy setups on the cryptocurrencies.
BTC/USD
The bulls made their presence felt
