Cryptocurrency Market Cap Falls As Bitcoin Floats Above $20,000

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Although some recovery was made on Tuesday, the crypto world still bleeds. The market is currently struggling to attract new investors. Consequently, in the last 24 hours, the global cryptocurrency market cap decreased to $905 billion, falling 0.61% over the day while Bitcoin traded near $20,000. 

The global crypto market volume over the last 24 hours increased 19.5% to $67 billion. The total volume in DeFi was $5.8 billion, representing 8.65% of the total crypto market 24-hour volume. The volume of all stablecoins was $61.16 billion, 91% per cent of the total crypto market 24-hour volume.

Bitcoin (BTC) dominance increased by 0.02 per cent to 42.41%. BTC’s price fell 0.45% in the last 24 hours. At the time of writing, BTC was trading at $20,155. In the last 7 days, the BTC price has fallen by 0.62%.

Cryptocurrency Exit Exchanges And Remain Flat

Bitcoin has been in a consolidation phase for nearly 3 weeks, bouncing between $18,000 and $22,000 levels. Meanwhile, June 2022 saw the largest outflow of Bitcoin ever in a month. Onchain data indicated that over 150,000 BTCs exited centralized exchanges in the last month. On the weekly timeframe, the BTC chart has formed a descending triangle pattern. The weekly RSI has been at its lowest phase hovering around the 25 level. The next resistance is expected at $32,300 and the next key support is expected at $14,000,” analysts at WazirX Trade Desk shared in a note with FE Online. 

Ethereum against Bitcoin has remained fairly flat in the last 4 weeks or so. Bitcoin’s dominance has also changed much in the past 10 days, hovering just above 43%. The monthly chart for ETH-BTC has formed an ascending triangle pattern, making higher lows and is currently trading at the support levels. The daily RSI is fairly at a healthy level of nearly 50. The next key support for ETH-BTC is expected at 0.046 level and next resistance is expected at 0.076,” the analysts said.

Volatility continues

The volatility in the market is expected to continue as bears look stronger than the bulls.

Bitcoin traded at US$19,000 on Tuesday as bulls started liquidating their positions. BTC is down by nearly 71% from its all-time high and 57% down from the beginning of the year. At the same time, Ethereum is also down by 70% on its year-to-date loss. BTC has been struggling to stay above US$20,000 consistently for the past two months. If bulls can make a move to keep BTC above this level, we might see some good price action. Overall, the volatility in the market continues as bears look stronger than the bulls.”

Edul Patel, CEO and Co-founder of crypto investment platform Mudrex

Top Cryptocurrency Prices on July 6

Ethereum (ETH): Ethereum price fell around 1% to $1139 in the last 24 hours. In the last 7 days, ETH price has decreased by 0.82%. It is currently ranked as the 2nd largest crypto asset.

Binance (BNB): Binance Chain coin’s price increased 0.67% to $234 in the last 24 hours. In the last 7 days, BNB price has increased by 4.75%. It is currently ranked as the 5th largest crypto asset.

XRP: XRP coin’s price decreased by 0.86% to $0.3239 in the last 24 hours. In the last 7 days, XRP price has decreased by 3.51%. It is currently ranked as the 7th biggest crypto. 

Solana (SOL): Solana price increased 0.66% to $35.96 in the last 24 hours. In the last 7 days, SOL price has increased by 1.33%. It is currently ranked as the 9th biggest crypto asset.

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