After trading sideways throughout the weekend, with Bitcoin and Ethereum holding their support levels of $19k and $1k, the top cryptocurrencies are showing slight bullish momentum today, gaining between 3-4% this July 4th. While the United States is celebrating its July 4th holiday this Monday, European stock markets showed positive momentum today, with the STOXX Europe 600 rising by 0.98% today.
Europe’s positive market action today could be the reason behind the cryptocurrency market’s rally this Monday. Whether or not it will continue through this week highly depends on how the U.S. stock market opens on Tuesday.
Bitcoin’s Price Holds Above $19K, up 3.52%
Bitcoin had its worst quarter in over a decade, losing over 50% of its value in Q2 2022. The primary reason behind the drastic BTC price devaluation was rising inflation, interest rates, and concerns over the global state of affairs and economy.
Moreover, the drama relating to Terra Luna caused significant panic for investors who lost trust in crypto markets. Even though Bitcoin isn’t affiliated with Terra Luna and isn’t a stablecoin, seeing how quickly a multi-billion dollar asset can disappear was a significant cause for concerts to retail investors.
In addition, since Bitcoin has been heavily correlating to the stock market’s price action, it is no surprise that BTC had to deal with rising bearish momentum over the past couple of months.
The current trend with BTC is that the weekend usually provides breathing room for the cryptocurrency to show slight bullish momentum before the stock market opens. As such, long holiday weekends provide the global cryptocurrency market with an additional day to stabilize, and sometimes, like today, even show bullish price growth.
Ethereum Price Up 5.07%, Holding the 1.1K Support Level
While Bitcoin remains above $19k, struggling to reach above the $20k support level, the Ethereum price managed to break through the $1.1k resistance and establish it as current support, rising by over 5% in the past 24 hours.
In addition, Ethereum is boasting a $10 billion trading volume over the past 24 hours, compared to $18.6 billion for BTC. The incredibly high trading volume signals plenty of activity and momentum in the market, which could continue pushing ETH’s price higher.
Crypto trends like NFTs, DeFi, and Metaverse are all made possible by Ethereum’s smart contracts. As the industry progresses, it wouldn’t be surprising for ETH to one day overtake Bitcoin in terms of market capitalization. Currently, ETH is valued at $134 billion, compared to BTC’s $376 billion market cap.
BNB, Cardano, XRP, Solana Prices Up 4%, Following Ethereum’s Lead
The following significant crypto assets by market capitalization, disregarding stablecoins like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), are all following Ethereum’s lead with similar price gains between 3-4%. While Ethereum follows Bitcoin’s lead, other digital assets follow Ethereum’s lead since many resemble similar functionalities and features as ETH.
BNB is up 3.91%, Cardano (ADA) is up 4.21%, XRP is up 3.23%, and Solana (SOL) grew by 4.66% in the past 24 hours. While today’s price action is positive, the past seven days still show losses between 5-14% for the top ten crypto assets.
Cardano (#Cardano) is trending on Twitter today with 16.6k Tweets. The day’s news for ADA is the successful Vasil Upgrade launched on its testnet. The highly anticipated fork was completed by the IOG team on testnet, a first step to establishing the upgrade on the mainnet of the Cardano network.
The Vasil upgrade will provide a capability and performance boost for Cardano, including higher transaction throughput, better script performance, and increased efficiency, among other essential features to keep the blockchain up to par with the latest developments and trends in crypto.
Final Thoughts
While this year’s bear market has been one of the worst for the crypto economy, the long-term sentiment toward crypto-assets hasn’t changed. There’s plenty of potential for Bitcoin and Ethereum, along with other significant digital assets like BNB, Cardano, XRP, and Solana, to show considerable price growth either in Q4 of 2022 or next year.
The nature of financial markets is cyclical, and a bull market follows every bear market. The key is to endure the tough times to reap the benefits and profits of the good times. Focusing on long-term community-oriented projects pushing the industry forward is a sure way to capitalize on the next bull run and offset any losses incurred this year.
Disclosure: This is not trading or investment advice. This article is provided for entertainment and education purposes only. Please do your research before buying any cryptocurrency or investing in any service.
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