"People aren’t panic selling like in previous cycles; they’re accumulating," says Tom Bruni, Editor-in-Chief and VP of Community at Stocktwits,
The crypto market is up today following a de-escalation in the Middle East. 98 of the top 100 coins have appreciated over the past 24 hours. Moreover, the cryptocurrency market capitalization has increased by 2.9% over the past day, now standing at $3.23 trillion. The total crypto trading volume is at $150 billion.
TLDR:
The crypto market records a sharp and notable upward swing;
30 coins saw double-digit rises
BTC rose back up to $105,471, and ETH jumped 7.5% to $2,422;
Markets reacted to de-escalation in the Middle East, with higher-risk assets benefiting;
”People aren’t panic selling like in previous cycles; they’re accumulating”;
The market sentiment moves from the fear into the neutral zone;
Investors are awaiting further signals.
Crypto Winners & Losers
The crypto market finally took a turn for the green today. All the top 10 coins per market cap are up and with notable increases.
Bitcoin (BTC) appreciated by 3.5%, now trading at $105,471. For comparison, this time yesterday, the coin changed hands at $101,924.
Furthermore, Ethereum (ETH) rose by 7.5%, now trading at $2,422. It’s one of the category’s best performers again.
XRP (XRP) saw the highest increase in this category of 8.1% to the price of $2.2.Moreover, nearly all the top 100 coins saw their prices increase in the same period, and nearly 30 of them saw double-digit increases. The best performer is Sei (SEI) with a 36.1% rise to $0.2801. SPX6900 (SPX) follows with a jump of 27.8% to $1.31.
At the same time, OKB (OKB) and WhiteBIT Coin (WBT) are the only two coins with drops, with decreases of 3% and 0.8% to $51.84 and $47.96, respectively.
The market plunged nearly two weeks ago following a significant escalation of conflict in the Middle East. The ongoing geopolitical instability created uncertainty in the markets across the board.
After more than a week since Israel had attacked Iran, US President Donald Trump claimed last night that a cease-fire between these two countries had started. However, uncertainty still looms as Israel didn’t comment, and Iran fired shots.
Nonetheless, easing geopolitical tension increases interest in higher-risk assets, which BTC benefits from.
‘People Are Accumulating, Not Panic Selling’
Commenting on altcoins, Tom Bruni, Editor-in-Chief and VP of Community at Stocktwits, said that one of the most interesting current developments is that Bitcoin’s dominance has been rising for 33 months. It hit a 4.5-year high at 65.73%.
Typically, this spike would signal that altcoins were “dying off.” And even many altcoins are underperforming, the overall market cap is still sitting near historical highs. “That tells us capital is still flowing into altcoins, even if the performance hasn’t kept up,” Bruni said in an email.
“Given how aggressively firms like BlackRock and Fidelity have moved into Bitcoin, it’s honestly surprising altcoins haven’t performed worse,” he writes. “On-chain data shows this is likely because most altcoins with market caps above $1 billion continue to grow with long-term holders. People aren’t panic selling like in previous cycles; they’re accumulating.”
Meanwhile, Glassnode found that Loss Sellers rose 29% since 10 June. However, Conviction Buyers are also increasing.
James Toledano, Chief Operating Officer at Unity Wallet, commented on the impact of the rising tension in the Middle East on the markets. Over the weekend, it created expected economic uncertainty.
“The nexus between oil prices and the Bitcoin market is increasingly evident,” Toledano says. Higher oil prices mean higher energy costs, directly impacting Bitcoin mining profitability and network dynamics. If the production cost floor rises due to this, it could support prices but also increase volatility.
“Even the whiff of higher oil prices can send the price of a Bitcoin lower, and we saw this play out over the weekend before markets re-adjusted upward this morning, possibly pricing potential crude oil price hikes in.”
However, the recent drop coupled with sustained institutional inflows and rising correlation with gold signal “a maturing narrative. Its ability to rebound quickly like equities of late, also speaks to its mainstream financial adoption,” Toledano writes.
Levels & Events to Watch Next
At the time of writing, BTC trades at $105,471. It hit its intraday high of $105,927 earlier this morning (UTC), recovering from the all-time low of $100,183. Currently, it’s 5.7% down from its May all-time high of $111,814.
The coin will test the resistance level of $106,000. Should it break it, it will retest $107,580 and $109,041. At the same time, the next support level is $103,965. Should it break this, it may fall to $102,199 and $100,487.
At the same time, Ethereum is currently trading at $2,422. This is a notable rise from the daily low of $2,206. The intraday high now stands at $2,425.
Moreover, the crypto market sentiment has re-entered neutral territory, exiting the briefly visited fear zone. The Fear and Greed Index has increased from 37 yesterday to 47 today. Fear has stopped driving the prices lower, with investors now awaiting further signals. There is a potential of revisiting the greed zone.
Meanwhile, on 23 June, US BTC spot exchange-traded funds (ETFs) recorded $350.43 million in inflows. While BlackRock and Fidelity lead the list with inflows of $217.6 million and $105.66 million, respectively.
On the same day, US ETH ETFs saw inflows of $100.78 million. Fidelity saw the highest amount, bringing in $60.48 million.
Meanwhile, American investor and entrepreneur Anthony Pompliano announced a $1 billion business merger to create a Bitcoin-native firm, ProCap Financial. He said that the company raised $750 million “from some of the leading institutional investors on Wall Street.”
Moreover, Hong Kong multifamily offices VMS Group reportedly plans to allocate up to $10 million to Re7 Capital, a London-based hedge fund focused on decentralized finance strategies.
“We thought this was the right time [to enter crypto] because of growing demand and because we see clearer legislative and government support from various jurisdictions, as well as large institutional support and endorsement,” VMS managing partner Elton Cheung said.
Quick FAQ
Why did crypto move with stocks today?
Both the crypto and the stock market saw increases over the last day. The S&P 500 increased by 0.96%, the Nasdaq-100 went up by 1.06%, and the Dow Jones Industrial Average rose by 0.89%. The rises followed the de-escalation in the Middle East, easing investors’ concerns.
Is this rally sustainable?
The overall macroeconomic and geopolitical situation is unstable at the moment and could go either way. Consequently, the market will react. That said, analysts remain bullish in the long term.
Appreciate the work. Thank You. 👍 FOLLOW BeMaster BuySmart 🚀 TO FIND OUT MORE $$$$$ 🤩 BE MASTER BUY SMART 🤩
