Crypto Ends the Month with a Substantial Relief Rally

Markets 1 min, 25 sec READ

by William A. Ebbs

The entire cryptocurrency market finally shows some signs of life with a substantial relief rally going into the end of June.

The cryptocurrency market finally shows some signs of life with a substantial relief rally going into the end of June. Almost every single asset in the top 100 is green today, with many increasing by high double-digits. Out of the top ten, correlations still look strong but they can be expected to break up as the rally continues.

Approximately, $15.3 billion worth of cryptocurrency has changed hands in the last 24 hours, and this is well above the monthly average levels. This surge in volume is behind the buying activity currently pulling the market into the green for the first time in a long time. However, investors shouldn't get too hopeful about this recent rally - it seems to be too based on technical patterns instead of fundamental changes in the market.

Bitcoin and the cryptocurrencies are still under pressure, and there is no telling how low this current bear market will take us.

Bitcoin Technical Analysis

Bitcoin trading volume is healthy at $4.87 billion over the last 24 hours. The recent upward move was powered by strong buying activity that really picked up around the $5,800-$5,900 level several hours ago. As the month nears to a close, investors must be mindful of the (potentially negative) impact of July Bitcoin futures expiring on the CME.

The total cryptocurrency market cap has risen slightly and now totals $254.4 billion. Bitcoin dominance has also risen to 42.7% of the total. Bitcoin, Ethereum, and Ripple continue to remain highly correlated with upward moves of between 4.5-7% in the last 24 hours.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.