Why Is the Crypto Market Up Today? How Strong Is The Sentiment?

Published by

Zameer Attar

July 16, 2024

The total Crypto market today has moved up to add $39.6 B to the marketcap, reaching $2.33 T
Bitcoin makes a strong run reaching an intraday high of $65k
Major Memecoins impressive surge breaks the consolidation phase of crypto.

The crypto market made a good run over the last day, the total crypto marketcap moved to $2.3 T after adding nearly $40B in 24 hours. Bitcoin led this all happen by moving to the intraday high of nearly $65K.

Memecoins steal the show again with PEPE, Floki, WIF, Brett, Bonk, and SHIB in the top gainers list. The other altcoins performed today are Mantra (OM), Jasmy, NEAR, ORDI, CORE, and XEC.

Factors Supporting The Growth

The speculations on China listing the Ban on Bitcoin and cryptocurrencies have driven a side of users in the buyer’s list.
The market’s resistance to Germany’s Bitcoin sell-off action gives traders confidence.
Spot Ethereum ETF launch on 23rd July. Bloomberg ETF analyst Eric Balchunas commented on their revived discussion with issuers to get started with ETF next week.
Donald Trump announced J.D. Vance as his Vice President. Mr Vance is also known for his Pro-crypto approach.

The Crypto Marketcap Moving Up

The increased ETF inflow, the Attack on Donald Trump, and favorable fundamental news directly catalyzed the recent growth.

The market breached resistance of $2.24 T yesterday. It bounced back from the resistance of $2.338, currently hovering at $2.30 T. A continued movement in the same direction will help further recovery and pus above $2.4 T.

Bitcoin Changed The Game

The June month and last week were covered with dark clouds with weak market sentiments, Bitcoin under $60K support, and altcoins going under consolidation.

But, this week Bitcoin invalidated all the dark speculations and surged from $60K to the weekly high of $65K, changing the crypto consolidation to an accumulation zone.

In the current BTC/USDT chart, Bitcoin price now is moving within an ascending broadening wedge, the breakout will shoot the price directly near $72,000. But BTC needs to flip the $67000 into support first.

Memecoins Back In Action

Memecoins are a sensitive case, a flick in the market sentiment will trigger strong rally in any direction anytime.

This week started with the spike of meme coins like Myro, PEPE, Andy, FLOKI, SHIB, BONK, WIF and more are all in the green zone today.

With memecoins marketcap reaching nearly $50 B, the market dominance of this crypto category is also increasing. These penny cryptos play a vital role in keeping the market momentum up.

As the current market conditions favor Bitcoin BTC is like to grow more, altcoins are in the pipeline to outperform, and meme coin mania continues.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.