• 14 July, 2024
Market News

Bitcoin Leads Market Recovery, Hits $46.3K After ETF Fallout

The crypto market has shown remarkable resilience, bouncing back impressively four weeks after experiencing a downturn after the ETF decision. Bitcoin, in particular, has emerged as the frontrunner in this recovery phase. It recently hit the $46.3K mark, a price not seen since the early days of January. This surge underscores the cryptocurrency’s robust comeback and leading role in the market’s overall health.

Moreover, an interesting shift in market dynamics has become apparent. Social volume, a key indicator of community interest and engagement, has seen a significant uptick for Bitcoin. This increased attention contrasts sharply with the cooling interest in other popular cryptocurrencies such as Ethereum, Dogecoin, and Monero. The growing focus on Bitcoin highlights its enduring appeal and confidence among investors and enthusiasts alike.

Additionally, the changing sentiment within the crypto community signals a possible realignment of investment and speculative interest. While Bitcoin garners renewed focus, the diminished buzz around ETH, DOGE, and XMR suggests a more cautious approach toward these assets. Investors prioritize stability and resilience, which Bitcoin has consistently demonstrated, especially due to recent market challenges.

Looking at the current market dynamics for these coins, starting with the top leading coin, BTC, which is trading on a rising trajectory with bullish momentum, pushing the price to new monthly highs. BTC kicked off today’s session on a low note, below the $45k mark, before rallying high to the current price of $46,590, acting as the current resistance level.

BTC/USD price chart: CoinMarketCap

Ethereum, the 2nd largest coin in terms of market capitalization, is following the same trend as ETH forms an uptrend on the daily and weekly chart. ETH is currently trading at $2,463, up by 1.97% in the daily chart, while the weekly chart is 6.86%. Ethereum price increase is accompanied by a rise in the trading volume, which suggests a further increase in the price.

ETH/USD price chart: CoinMarketCap

After consolidation around $0.07800 throughout the past 2 weeks, Dogecoin has climbed above the $0.0800 level again. As of this writing, DOGE is exchanging hands at $0.0817, up by over 1% in the daily timeframe. If the current trend holds, DOGE could be ready to challenge the stiff resistance at $0.08300, pushing the price to previous highs at $0.08500. 

DOGE/USD price chart: CoinMarketCap

Monero, after the recent dip, which saw XMR plummet from a high of $166 to a low of $100 a few days ago before correcting back above the $130 level, is gaining momentum as bulls take the lead. XMR is facing a challenge at the $130 mark, a strong hurdle for the bulls to break above. Currently, XMR is trading on a bearish note, losing 0.40% in the past 24 hours, with the price at $122.

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