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Crypto market cap sees $50 billion inflow in 24 hours as cryptocurrencies turn green


finbold.com 05 July 2022 09:51, UTC
Reading time: ~2 m

After spending the majority of the last week in the red, the crypto market turned green on July 5, buoyed by the flagship cryptocurrency Bitcoin (BTC), which has seen its price briefly climb above the crucial $20,000 level.

Indeed, the crypto market capitalisation has climbed from $864 billion to $914 billion in the last 24 hours, meaning that an inflow of $50 billion has entered over that time, according to CoinMarketCap.

The move reflects a 5.78% climb over the last day, with a total crypto market volume in the previous 24 hours being $58.94 billion, making a 54.81% increase. 

The celebration of Independence Day in the United States and other national holidays elsewhere across the world caused a number of traditional investment markets to be closed. 

Despite this, investors in cryptocurrencies continued to access their crypto wallets and make purchases of Bitcoin and the majority of the top 100 digital assets.

Bitcoin leads crypto market movements 

When an asset is mired in a prolonged and severe decline, it is standard practice for individuals to examine the charts, analyze different indicators, and get out their checklists in an attempt to predict when the asset may find a bottom. 

In the case of Bitcoin, there is now a large number of activity of this kind, and there are technical indicators that have in the past forecasted precisely this development.

Currently, the price of Bitcoin is trading at $19,984, up 3.19% in the last 24 hours, although down 3.79% over the previous week, at the time of publication.

Notably, Bitcoin has a total market worth of $385 billion, and has seen an inflow of $20 billion alone into its market cap in the last day.

Crypto trading analyst Michael van de Poppe noted that he would be looking at $28,000 for Bitcoin, if there’s a chance that $20,000 can be flipped.

“Bullish divergence on the daily timeframe for Bitcoin on the CME futures. Flipping $20K and we’ll be good to go towards $23K and the summer relief rally. Finally,” he said.

Elsewhere, the second-largest cryptocurrency by market cap, Ethereum, is now trading at $1,146, up 8.98% in the last 24 hours, with a market value of $140 billion.

The Federal Reserve’s determination to raise interest rates to tamp down inflation, on top of a sell-off across many asset classes and a growing list of cryptocurrency enterprises, lenders and hedge funds that the downturn has harmed in all contributing to the market collapse. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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