Exploring the Recent Crypto Surge
Recent data indicates a notable surge in the crypto market cap, with an increase of over 3 percent in the past 24 hours, bringing the total to around $2.5 trillion. During the early European session on Tuesday, Bitcoin’s price experienced a 3 percent pump, reaching $65k before retraction to $64.4k at the time of this report.
Bitcoin’s price surge has prompted a positive move as it managed to reclaim both the 50- and 200-day Moving Averages (MA) as crucial support levels. This upward momentum has also impacted the entire altcoin sector, with top performers such as Ethereum (ETH), Solana (SOL), and BNB following suit.
The Driving Forces Behind the Crypto Surge
Several key factors have contributed to the recent surge in the crypto market, including:
- The fear and greed index, which surged to around 65 percent, indicating a sense of greed in the market as Bitcoin’s price exceeded $64k.
- A significant increase in cash inflows to US spot Bitcoin ETFs, totaling over $1 billion last week and an additional $300 million on Monday, primarily driven by BlackRock’s IBIT.
- Rumors circulating that the US SEC has granted approval for several spot Ether ETF issuers to commence trading by July 23.
Key Altcoins to Monitor Moving Forward
The altcoin sector has demonstrated substantial potential for long-term investors in recent months, with experts like Peter Brandt predicting an upcoming euphoric phase following a correction of 20-40 percent over the past four months.
Traders should keep a close eye on altcoins exhibiting rising address activity to capitalize on potential returns. Notably, altcoins like Render (RNDR), Aave (AAVE), and Maker (MKR) have shown promising signs of increasing address activity, as highlighted by the crypto intelligence platform Santiment.
Explore more on altcoin market trends and opportunities.
Conclusion: Insights for Crypto Enthusiasts
As the crypto market continues to witness significant fluctuations and developments, staying informed about key trends and potential investment opportunities is crucial for enthusiasts and investors alike. By monitoring market data, staying abreast of regulatory updates, and conducting thorough research, individuals can make informed decisions and navigate the dynamic crypto landscape effectively.
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