Crypto Market Suddenly Adds $26 Billion Overnight, Bitcoin and Ether Surge 11%

Bitcoin price momentumThe crypto market has added more than $26 billion in the past 24 hours, as major assets including bitcoin, Ethereum, and Bitcoin Cash rose by more than 10 percent.

Bitcoin, Ethereum, and Bitcoin Cash are Today’s Big Gainers

Major digital assets recorded large gains on June 30, as the volume of the crypto market suddenly surged by several billions dollars. With bitcoin and Ether, the native cryptocurrency of the Ethereum blockchain protocol, leading the market with solid 11 percent gains, other large digital assets such as EOS, Stellar, Cardano, IOTA, and NEO also rose substantially in value.

Today’s corrective rally of bitcoin, Ether, and the rest of the crypto market can be mainly attributed to the recovery of the daily trading volume of major cryptocurrencies. Prior to the corrective rally, the volume of bitcoin and Ether remained below $3 billion and $1.2 billion respectively. Over the past 24 hours, the volume of BTC rebounded to $4.7 billion while the volume of ETH rose to $1.6 billion.

Although the price of BTC has increased by 11 percent from below $5,800 to $6,400, it will need to remain above the $6,100 resistance level in the upcoming days and secure momentum in the $6,500 region to initiate a proper short-term rally.

The bitcoin price has remained relatively stable around the $6,400 region over the past 12 hours, struggling to make any major movement on both the upside and downside. Other digital assets have kept their support levels for over 12 hours.

As of current, exponential and simple moving averages demonstrate a positive indicator in the short-term, but various momentum oscillators and indicators suggest that the momentum of bitcoin has slowed down in the past 12 hours, pointing towards a downtrend in the short-term…

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