The cryptocurrency market today recorded a strong increase with a global market capitalization exceeding 3.65 trillion USD, and trading volume increased by nearly 50%.
Active trading and record ETF capital flows are boosting investor sentiment, especially ahead of the “Crypto Week” event at the U.S. Congress on July 14.
MAIN CONTENT
Cryptocurrency market capitalization increased by 5.24%, with trading volume reaching 208.23 billion USD in 24 hours.
Bitcoin has broken its historical peak at 118,340 USD thanks to ETF capital inflows and strong short liquidations.
Ethereum and XRP have sustainable growth, led by whale accumulation and positive legal expectations.
Why did the cryptocurrency market surge today?
Fundamental factors such as the breakthrough ETF capital inflow and the liquidation of large short positions have created the main momentum for today's increase. Specifically, Bitcoin's ETF capital inflow reached over 1.17 billion USD on July 10, while Ethereum also benefited from the staking trend and the development of related ETF funds.
Moreover, investors are placing their trust in the upcoming “Crypto Week” event at the U.S. Congress on July 14, which is expected to provide long-term legal clarity.
The current price increase in the market reflects the strong attraction of large investment funds and increasing confidence in the future of cryptocurrencies after the upcoming significant political event.
Nguyen Van An, Investment Director at ABC Capital, 12/07/2024
How is Bitcoin (BTC) price forecasted?
Bitcoin has surged to a historic high of 118,340 USD, up 6.11% in the past 24 hours, thanks to over 570 million USD in short liquidations and ETF capital inflows reaching 1.2 billion USD. This price breaks the resistance level of 117,000 USD, indicating overwhelming buying strength.
Technical data on the daily chart shows a bullish triangle pattern with high volume, predicting that Bitcoin will easily conquer the 121,000-122,500 USD range in the short term. The important support level is identified around 114,800 USD.
Technical analysis and market context
This breakout has triggered a series of stop-loss points and successive short covers, contributing to a strong price increase. The continuous inflow of ETF capital also limits supply on exchanges, increasing buying pressure.
What is the outlook for Ethereum (ETH)?
Ethereum rose 8.76% to 3,024.90 USD amidst a trading volume increase of 32.7%, reaching 37.26 billion USD. The increase is driven by short covering and RSI has not yet entered the overbought zone, giving ETH a chance to conquer the price range of 3,120-3,180 USD in the medium term.
On-chain data shows that whales have accumulated about 358 million USD in ETH over the past 24 hours, creating significant confidence in institutional support.
Charts and price patterns
ETH is forming a cup and handle pattern on the 4-hour chart, indicating a sustainable upward trend. A new support level has been formed at 2,920 USD, helping to mitigate the risk of deep corrections.
Will XRP maintain its upward momentum?
XRP soared to 2.58 USD, up 6.55%, along with a spike in trading volume to 6.83 billion USD. The main reason is the expectation of a positive outcome in the prolonged lawsuit between Ripple and the SEC, contributing to enhancing investor confidence.
Technical indicators show that the price has broken through the resistance level of 2.50 USD with a strong bullish flag pattern, and the MACD on the hourly chart has also turned positive, setting the stage for the next target in the 2.75-2.80 USD range.
I believe the final ruling in the Ripple vs SEC case will determine a turning point for Ripple and the entire industry, resulting in a positive market reaction.
Tran Minh Tuan, Blockchain financial analyst, 11/07/2024
Technical support and strategy
The current support level at 2.45 USD will be an attractive point for bottom-fishing investors if the price adjusts slightly, maintaining a stable upward trend for XRP in the near future.
Frequently Asked Questions
Why did cryptocurrency prices increase today?
Price increases due to record ETF inflows, over 1 billion USD in short liquidations, ETH whale accumulation, and expectations for significant legal events in July.
Will Bitcoin continue to set new peaks?
If buying pressure maintains, Bitcoin could aim for a new peak above 121,000 USD.
What is the current price of 1 XRP?
The current price of 1 XRP is 2.58 USD, up 6.55% in the day.
How does ETF capital flow affect the market?
The strong inflow of ETF capital helps increase liquidity and balance supply and demand, driving the price increase of cryptocurrencies.
Does Ethereum show signs of accumulation from institutional investors?
On-chain data shows that whales bought 358 million USD in ETH over the past 24 hours, clearly indicating institutional interest.
Source: https://tintucbitcoin.com/gia-bitcoin-ethereum-xrp-tang-hom-nay/
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