Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K
With Bitcoin’s price now above the $34,000 mark, the cryptocurrency market is gaining more traction. Despite the recent dip during the Asian hours, Bitcoin has nearly regained its price value from the previous day’s high.
The total market cap of cryptocurrencies and alternative coins is back over the $1 Trillion mark after losing two-thirds of its value since November. This is a major victory for the entire industry, which is still trying to find its feet. A lot of coins, including Ripple, Stellar, and some others, have managed to break the $1 Billion mark today.
The 23rd. In June, cryptocurrency traders enjoyed a respite from bearish market sentiment when bitcoin’s (BTC) brief rally to $34,880 triggered a rally in altcoins and hopes for a broader market rally if the path laid out by Wyckoff’s distribution model proves correct.
According to CoinMarketCap, the total capitalization of the crypto-currency market fell by nearly $230 billion between June 20 and 22, but recovered by about $76 billion on June 23 and now stands at $1.365 trillion, with some traders seeing the correction as a buying opportunity.
Total capitalization of the cryptocurrency market. Source: CoinMarketCap
Bitcoin’s market value fell $68 billion on June 22, or about 11% of its total value, but it has since recouped all of its losses and now stands even higher than before yesterday’s collapse, at $630 billion at the time of writing.
According to CL, a pseudonymous trader on Twitter, the record rise in open interest in Binance futures gives even more reason for optimism.
We’ve seen unprecedented growth in open interest on Binance, currently at 57,000 BTC and at an all-time high https://t.co/OuZX7YbukO pic.twitter.com/nSe7tq3KdX
– CL (@CL207) 23. June 2023
Double-digit growth for altcoins
Bitcoin’s recovery from its lows has been welcomed by altcoins, and data from Cointelegraph Markets Pro shows that most tokens are in the green today.
According to Cointelegraph Markets Pro and TradingView, Cybervein (CVT) is the biggest winner so far, with price up 112% at one point in the 24-hour chart, but then pulling back to $0.0187, up 62% since June 22.
VORTECS™ score (green) versus ANKR price. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS™ score for ANKR was in the green zone in the week prior to June 2 and reached a level of 1.2 billion. The price peaked in June at 71, about 10 hours before recovering from the sell-off and rising 72%.
Other notable figures uncovered by Cointelegraph Markets Pro included a pair of 25% gains from VeThor Token (VTHO) and Flow, while the most popular meme token Dogecoin (DOGE) gained 20%.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.The cryptocurrency market is a volatile beast, and it’s still over $300B in size. But, this boom has been happening for almost 10 years, and the downturns are a regular occurrence. For a while, it seemed like the industry at large was hitting all time highs, but now that the “bubble” has burst, the market is bouncing back. The only real question is whether the market will continue to bounce, or whether the bears will come out in full force.. Read more about btc prediction and let us know what you think.