• 16 July, 2024
Market News

Crypto Market continues to Consolidate, With Minor Changes Across the Board

Overall market analysis shows crypto prices are mixed and show no clear trend in either direction. Bitcoin remains marginally above $16,800, while Ethereum is trading around the $1,200 mark. The total cryptocurrency market capitalization has increased and is currently around $813 billion.

Cryptocurrencies price heatmap:Coin360

The top performer of the day is Dogecoin, which has been on a continuous bullish action following this week’s dip, gaining by over 7% in the last 24 hours. The worst-performing coins are Helium and Chain XCN, which have both dropped in value by nearly 2% over the same period.

The crypto market is continuing to consolidate, with no major moves seen across the top 10 cryptocurrencies. Bitcoin dominance remains relatively stable at around 39.92%. The top 10 altcoins show a positive market sentiment, with select altcoins showing modest gains.

In an effort to keep cryptocurrency under control, the U.S. Securities and Exchange Commission (SEC) is launching audits into firms collaborating with crypto entities as a part of their mission statement.

Over the last few months, external stakeholders such as analysts and investors have closely monitored auditing firms after FTX’s high-profile collapse. While the firm responsible for conducting its audit claimed that FTX’s financial statements were accurately represented—they still faced backlash from their apparent inability to uncover any underlying issues in this company’s finances.

Bitcoin Technical analysis

Bitcoin has held above the 200-day moving average and is currently trading around $16,862.71. If Bitcoin breaks above its current resistance level of $17,000, this could potentially lead to a higher high break out in the coming days.

At the same time, momentum indicators such as RSI (relative strength index) remain in neutral territory, suggesting that further upside movement is possible in the near term.

BTC/USD daily chart:Tradingview

Furthermore, the on-chain volume has been steadily increasing over the last few weeks and is currently at its highest level since November 2022. This indicates that more buyers are entering the market and buying Bitcoin as a safe haven asset.

Overall, Bitcoin appears to have reached a bottom (16,500), a point at which long-term investors might consider re-entering the market.

Ethereum Technical Analysis

Ethereum is currently trading around $1244.72 and remains largely unchanged from yesterday’s close. Ethereum had seen a brief rally to $1,272 during last week’s surge but failed to break above this level and has since corrected back lower.

ETH/USD daily chart:TradingView

The short-term outlook for Ethereum remains bearish, as the pair is trading below its 200-day moving average and both momentum indicators (RSI, MACD) remain in bearish territory.

On the other hand, the on-chain volume has been steadily increasing over the last few weeks, which is a positive sign for Ethereum bulls.

The long-term outlook for ETH remains bullish, as the pair has continuously held above its 200-day moving average and further upside could be seen in the coming weeks if ETH breaks above its current resistance level of $1,275.

Overall, our daily crypto roundup concludes with no major changes across the top 10 cryptocurrencies. The market seems to be digesting the recent surge in Bitcoin and Ethereum and further consolidation is expected in the short term. The SEC‘s audits of firms collaborating with crypto entities could keep the market under control and prevent future flash crashes as seen with FTX this year.

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