The crypto market is finally experiencing a much-needed resurgence following weeks of pressure and consecutive interest rate hikes from the US.
On Thursday, June 22, Bitcoin made a significant profit of five percent, reaching a price point of $30,248.
This breakthrough marks the first time in weeks that the leading cryptocurrency has managed to break free from the $30,000 range. Within the past 24 hours alone, the value of Bitcoin increased by $1,578.
Ether, the second-largest cryptocurrency, has also broken free from its prolonged losing streak. With a gain of 5.75 percent, the price of ETH soared to $1,915, reaching one of its highest recorded values in weeks.
According to the CoinDCX research team, “BTC dominance reached 50 percent for the first time in two years and signifies a major influx of capital from alternative coins to Bitcoin. ETH is also benefiting now that EDX Markets, a crypto-platform supported by Schwab and Fidelity, has commenced trading for popular cryptocurrencies including ETH, BTC, and Litecoin among others.”
Other cryptocurrencies such as Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron, and Litecoin have also seen profitable gains, according to Gadgets 360’s crypto price tracker.
Polygon, Polkadot, Shiba Inu, Avalanche, and Leo have also recorded profits over the past day.
The overall crypto market valuation has increased by 4.65 percent, reaching $1.18 trillion within the last 24 hours, as reported by CoinMarketCap.
The crypto fear and greed index, which measures market sentiment, has shown a significant leap for the second consecutive day, currently standing at 65/100, reflecting increasing optimism.
CoinSwitch Ventures added, “Crypto markets have surged for the third consecutive day. This market performance could be largely attributed to major financial institutions entering the crypto space after BlackRock’s BTC ETF development last week. Similarly, Deutsche Bank has applied for regulatory permission to serve as a crypto custodian in Germany. All of this combined has sparked a wave of optimism within the markets.”
While some cryptocurrencies have experienced losses, including Tether, USD Coin, Binance USD, Nem, Dogefi, and Bitcoin Hedge, the overall market situation remains optimistic. Gas, Nano Dogecoin, and Status also incurred losses during this period.
