After a long dark evening, the crypto market appears to be back on track, posing as a bright sunny morning for investors. However, it is unclear whether the price rise of major crypto currencies is an indicator that the crypto market is recovering from the crisis or is this another tempora. Let’s see how the market performed this week and what it has to offer traders.
The cryptocurrency market has seen some positive activity in the last seven days, with the market reclaiming almost $30 billion of its total capitalization. To begin with, Bitcoin is battling to close a green weekly candle for the first time in nine weeks. It appears to be struggling to maintain over $30,000. BTC was able to reach as high as $34,000 earlier this week, but the celebrations were short-lived as sellers jumped in and brought the price back close to $32,000 and even lower in the past few days. However, the world’s largest cryptocurrency’s market domination showed some positive signs and climbed by 0.21 percent to 46.22 percent. At the time of writing, on the morning of June 5th, Bitcoin is currently priced at $29,678.86.
Overall, the week started on a positive note, as the market saw some big increases this week, with the graphs of a number of key crypto currencies, including Bitcoin, showing in green. Major cryptocurrencies traded in green at the start of June 2022, as the global crypto market value grew by 2.01 percent to $1.26 trillion in the previous day. However, global crypto market volume fell 28.45 percent in the past 24 hours to $69.74 billion. DeFi’s overall volume was $5.38 billion, accounting for 7.72 percent of the entire crypto market 24 hour volume. The overall volume of all stable currencies was $59.36 billion, accounting for 85.11 percent of the entire 24 hour volume of the crypto market.
The broader market is also rather fragile, with some cryptocurrencies declining and others attempting to gain ground. Cardano emerged as the clear winner this week, with its price increasing by 22.94% in the last seven days. On the other hand, Solana suffered the worst loss, falling 9.02% in seven days. This is most likely due to the network experiencing yet another outage. Meanwhile, Ethereum is up 0.34%, BNB is down 1.36%, and Dogecoin is up by 2.4%. Regardless, the entire cryptocurrency market cap increased by almost $30 billion.
The recent Fear & Greed Index suggests that mood among crypto traders is still pessimistic. The indicator rose farther into “severe dread” area, as it did in January of this year, which foreshadowed an increase in the price of Bitcoin. The technical signs point to a limited upside for bitcoin, particularly near its 50-day moving average, while some experts anticipate that crypto prices will stabilize in the short term, as is customary following bouts of big price losses.
On the morning of 4th June, 2022, the prices of major crypto currencies are:
- Bitcoin is priced at $ 29,678.86 with a fall of 0.11% in the last 24H and a rise of 2.23% in the last 7 days.
- Etherum is priced at $1,793.23 with a rise of 1.05% in the last 24H and a rise of 0.34% in the last 7 days.
- Tether is priced at $0.993 with a rise of 0.01% in the last 24H and a rise of 0.02% in the last 7 days.
- Cardano is priced at $0.5635 with a fall of 0.66% in the last 24H and rise of 21.09% in the last 7 days.
- XRP is priced at $0.3923 with a rise of 0.08% in the last 24H and a rise of 2.13% in the last 7 days.
- Helium is priced at $9.59% with a rise of 6.70% in the last 24H and a rise of 34.50% in the last 7 days.
Even though the prices are marginally falling since the last 24H, the weekly candle for major crypto currencies including bitcoin appears in green, but dangling by a thread. It would be quite intriguing to watch if the currency will finally end a green candle after a catastrophic skid of losing nine straight weeks. BTC must conclude Sunday’s trading session over $30,000 for this to happen.
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