After a few weeks of prolonged suffering and falling prices, it looks like cryptocurrencies are finally seeing some relief. The total market capitalization has risen to just under $1 trillion and is pushing to recover above this psychological level at the time of this writing. However, this happened on the back of massive volatility and considerable declines.
First of all, the price of Bitcoin recorded an increase of around 4.2% in the last seven days and is currently trading above $21,000. That’s not to say it hasn’t been a tumultuous week. On the contrary – just a few days ago – on Sunday, BTC fell to a low of $17,622 (on Binance). The last time the cryptocurrency traded at such a low level was in December 2020.
Fortunately, the buyers stepped in and managed to intercept any further declines. Since then, the price has been able to recover and has risen almost 20%. While this may sound impressive, Bitcoin’s recovery has been overshadowed by that of many top altcoins, the best performing of which appears to be SOL.
Solana is up 36% in the past seven days and nearly 50% since its lows reached on Sunday June 19. Other altcoins are also well in the green in the same time frame. ETH recovered by around 13% – the same as BNB. ADA is up 5.2% and obviously trails the rest of the altcoins.
XRP is up 18%, while the two largest memecoins by total market capitalization – Dogecoin and Shiba Inu – are up 20% and 35%, respectively. Meanwhile, the layer two Ethereum scaling solution – Polygon (MATIC) – has also grown significantly by more than 50% in the past week.
All of this comes on the back of many investors and community members calling for a bottom, although market sentiment remains largely depressed across the board. Data from the popular crypto Fear and Greed Index comes in at 11 a.m., which, while an improvement from last week, is still far into “extreme fear” territory.
All in all, it is very exciting to see how the weekly candle for most cryptocurrencies will close on Sunday and whether or not the current relief may or may not extend to a broader recovery or if it is just from a dead cat bounce.
Market cap: $987 billion | 24h volume: 76 billion dollars | BTC dominance: 40.8%
BTC: $21,130 (+4.2%) | ETH: $1,200 (+13%) | ODA: $0.49 (+5.2%)
This week’s crypto stocks you can’t miss
Tether will launch a Stablecoin pegged to the British Pound (GBPT) in July. Tether – the company behind the largest stablecoin by market cap USDT – will launch a new stable cryptocurrency. This time it will be pegged to the British pound and carry the ticker GBPT. It’s supposed to go live in July.
Bitcoin miners sold 100% of their output in May: analyst. According analysis, Bitcoin miners sold off their profits sharply during the month of May. Arcane Research analysts believe they sold even more BTC in the month of June. It could also be a sign that the price is approaching its bottom.
The biggest loss realized by investors in the history of Bitcoin has just happened, but there is good news. Investors made more than $7 billion in losses during the weekend crash. It depends to research compiled by popular resource Glassnode. This happened as the price of Bitcoin plunged from $21,000 to below $18,000 over the weekend.
Harmony Bridge hacked, $100 million of Ethereum lost. A certain number of tokens were stolen thanks to a Harmony’s Horizon Bridge exploit totaling approximately $100 million. These include wBTC, wETH, AAVE and others. The team began working with authorities to identify the culprit and recover the stolen funds.
Solana Announces New Crypto Smartphone and Web3 Development Kit. Solana has announcement that they will produce and ship a smartphone, and users can already register for pre-order. It will cost around $1,000 and will be available for purchase early next year.
Binance partners with soccer legend Cristiano Ronaldo to launch exclusive NFT collections. The world’s first cryptocurrency exchange – Binance – has associates with soccer legend Cristiano Ronaldo. The exclusive multi-year NFT partnership aims to bring fans into the Web3 and NFT world.
This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for full pricing analysis.
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Cryptocurrency charts by TradingView.