The cryptocurrency market has witnessed a significant rebound over the past weekend, with its total market value surging by more than 3%, reaching approximately $2.5 trillion. Bitcoin’s price climbed by 3% earlier in the day to hit $65,000, before settling around $62,700 at the time of writing. Despite this slight decline, the current state of Bitcoin is crucial due to its regained support levels from the 50-day and 200-day Moving Averages (MA), shifting attention gradually towards altcoins.
Bitcoin’s Surge and Impact on Altcoins
The recovery of the largest cryptocurrency has prompted a noticeable upward movement in many altcoins. As Bitcoin’s price increased, so did the values of other significant altcoins including Ethereum (ETH), Solana (SOL), and BNB (BNB). Analysts partially attribute this rise to market sentiment influenced by recent events, notably the failed assassination attempt on crypto-friendly US presidential candidate Donald Trump.
The Crypto Fear and Greed Index, reflecting investor sentiment, rose to 65%, indicating a phase of greed as Bitcoin broke past the $64,000 mark. Additionally, the influx of over $300 million into US spot Bitcoin ETFs on Monday bolstered the market’s upward trend.
What’s Driving Optimism for Ethereum?
Optimism in the market is further fueled by the anticipation that the US Securities and Exchange Commission (SEC) will approve at least one spot Ethereum ETF on July 23. This expectation has contributed to the positive sentiment and buoyancy in the cryptocurrency market.
Which Altcoins are Worth Watching?
Industry experts, including seasoned analyst Peter Brandt, predict that the cryptocurrency market may enter a highly enthusiastic phase after undergoing corrections of 20% to 40% in recent months. Analysts advise investors to monitor altcoins with increased wallet address activity, as indicated by crypto data analysis platforms like Santiment.
Promising Altcoins to Watch
- Render (RNDR)
- Aave (AAVE)
- Maker (MKR)
Santiment has highlighted these altcoins as showing significant increases in wallet address activity, suggesting that they could offer high returns in the short term.
In conclusion, the cryptocurrency market’s recent recovery has brought renewed attention to both Bitcoin and various altcoins. With the anticipation of significant regulatory approvals and increased investor activity, the market is poised for potential growth. Investors are advised to keep an eye on the highlighted altcoins for promising opportunities.