The cryptocurrency market has seen some positive momentum in the past 24 hours, as Bitcoin and some altcoins have recorded gains after a prolonged slump. Bitcoin, the largest cryptocurrency by market capitalization, has risen by 0.45 percent in the last day and is trading at $30,369.05 at the time of writing, according to CoinMarketCap. The coin has managed to stay above the crucial $30,000 support level, which many analysts consider as a key psychological barrier.
Ethereum, the second-largest cryptocurrency, has slipped by 0.20 percent and is trading at $1,872.76. The coin has been struggling to reclaim the $2,000 mark, which it last touched on June 18. Ethereum is facing stiff resistance from the bears, who are trying to push it below $1,800.
Among the top 10 cryptocurrencies by market cap, Bitcoin Cash has emerged as the top gainer, surging by 6.94 percent to trade at $395.95. The coin has benefited from the positive sentiment around Bitcoin and has also seen increased adoption by merchants and users. Bitcoin Cash is a fork of Bitcoin that aims to offer faster and cheaper transactions.
Other notable gainers include Litecoin, which has risen by 3.29 percent to trade at $118.21, and XRP, which has gained 2.33 percent to trade at $0.58. XRP is still facing legal uncertainty in the US, where the Securities and Exchange Commission (SEC) has accused its parent company Ripple of selling unregistered securities.
Some altcoins have posted losses in the last day, such as Binance Coin, which has dropped by 0.88 percent to trade at $264.77, and Solana, which has fallen by 2.84 percent to trade at $28.18. Binance Coin is facing regulatory pressure from several countries, including the UK, Japan, and Canada, over its operations and services. Solana is a high-performance blockchain platform that competes with Ethereum for decentralized applications.
The crypto market is showing signs of recovery after one of the worst crypto winters in history, which saw Bitcoin plummet from its all-time high of nearly $65,000 in April to below $29,000 in June. The market was affected by several factors, such as China’s crackdown on crypto mining and trading, Tesla’s suspension of Bitcoin payments, and increased regulatory scrutiny from various governments.
However, some traders are hopeful that the market will bounce back in the coming days, as Bitcoin has managed another attack on $31,000. This could signal a reversal of the downtrend and a possible rally towards higher levels. Some positive developments in the crypto space, such as El Salvador’s adoption of Bitcoin as legal tender, MicroStrategy’s purchase of more Bitcoin, and PayPal’s expansion of crypto services in the UK, could also boost the market sentiment.
