The worldwide market capitalization of cryptocurrencies climbed by 1.63% to $922.41 billion during the early hours of July 7. However, the entire crypto market volume decreased by 18.54% during the past 24 hours to $54.2 billion. The 24-hour volume of the Decentralized Finance (DeFi) space was $5.22 billion, or 8.91% of the 24-hour volume of the whole cryptocurrency market.
The volume of all stablecoins was $51.35 billion, or 88.67% of the 24-hour volume of the whole cryptocurrency market. Bitcoin (BTC), the largest cryptocurrency in the world, was hovering around $20,512.70. According to CoinMarketCap data, its crypto market dominance decreased by 0.05% to 42.38% over the past day.
Bitcoin (BTC) Price Analysis
Today, Bitcoin is trading at around $20,512.70. It trades within a symmetrical triangular formation. On July 7, the buyers attempted to push the price over the triangle’s resistance line, but the bears held firm. The Doji candlestick pattern on July 7 indicates buyer and seller uncertainty. If the price breaks above the triangle, this unpredictability could tip in favor of bulls. If this occurs, it would indicate that the triangle acted as a reversal pattern.
The BTC/USDT pair may then advance to the 50-day simple moving average (SMA) ($25,324) and ultimately to the pattern’s goal of $26,490. This notion could be proven false if the price reverses from its current position and plunges below the triangle’s support line. This could cause the price to approach the crucial support at $17,622. If this support fails, $15,000 could be the next stop.
Ethereum (ETH) Price Analysis
On July 7, Ethereum (ETH) sought to rise over the 20-day exponential moving average (EMA) ($1,186), but bears had other ideas. The price movement over the past few days has formed an ascending triangle pattern, which will be completed upon a break and close over $1,280. If buyers push the price above the 20-day exponential moving average, the likelihood of a break above $1,280 rises. If so, the ETH/USDT pair could climb to the 50-day simple moving average ($1,500) and then to the pattern’s goal of $1,679.
In contrast, if the price declines from the 20-day EMA and breaks below the support line, it will indicate that bears are in control. This might drive the pair to $881, the important support level. A break and closing below this support could herald the beginning of the subsequent decline.
Altcoin Round-Up
Ripple (XRP) was one of the most prominent coins on July 7, gaining 2.57% despite the general market decline. Likewise, Dogecoin (DOGE) was trading up at $0.06882 after rising 1.94% over the previous 24 hours. Cardano (ADA) experienced a slight comeback that drove its price to $0.4674 and gains of 2.02% throughout this time period.
On Thursday, cryptocurrencies were able to maintain their gains, resulting in altcoin strength. Despite this, many analysts have adopted a sober perspective of the present crypto ecosystem, which has experienced the double body blows of protocol failures and macroeconomic uncertainty, and they do not anticipate a swift rebound.
The current period, commonly referred to as the ‘crypto winter,’ is a transitory one in the dynamic development of cryptocurrencies, and the prices of these new-age assets will soon stabilize, according to veterans of the trading area.
Latest Updates From The Crypto Industry
In other events, analysts at BNP Paribas, a French bank with a foothold on Wall Street, compiled a list of 50 equities they believed were expensive in November, many of which had strong ties to digital assets. They dubbed this collection “cappuccino basket” in reference to the equities’ frothiness.
The bank then repackaged the stocks into a product that allowed its largest clients — pension funds, hedge funds, the managers of multibillion-dollar family fortunes, and other sophisticated investors — to wager that the assets would eventually collapse. In the previous month, as the hype surrounding Bitcoin and other digital currencies subsided, bringing down cryptocurrency organizations that had sprung up to facilitate their trade, the coffee basket’s value decreased by half.
