The cryptocurrency market has shown notable recovery over the past day, with an increase in market capitalization and prices of several major coins.
Overview of Market Changes
Over the past 24 hours, the cryptocurrency market has risen nearly 2%, reaching a total capitalization of $3.73 trillion. Major currencies like Bitcoin and Ethereum have also shown significant increases, indicating renewed investor interest following a period of uncertainty.
Bitcoin's Current Position
Bitcoin (BTC) has risen by 1.16%, reaching $114,797. Despite this increase, analysts caution that a retest of support levels around $110,000 to $109,000 may still occur. Current chart patterns, such as an inverse head and shoulders, suggest a potential upside breakout in August.
FAQs About Market Recovery
The market rebound occurred due to renewed investor interest and the recent $2 billion Bitcoin purchase by Trump Media & Technology Group. The largest gains were recorded by XRP (6.65%), Stellar (10.36%), and Solana, which increased by over 14% in the past week. The Fear & Greed Index currently sits at 52, indicating a balanced market sentiment.
The cryptocurrency market shows signs of recovery, and despite short-term uncertainties, retains hopes for continued growth.
