Forbes India 15th Anniversary Special

Bitcoin briefly crossed $63,000 over the weekend

As per CoinMarketCap, Bitcoin is currently priced at around $62,828 (constantly changing), representing almost 58.3 percent of the total trade volume in the past 24 hours

Shashank Bhardwaj
Published: Jul 1, 2024 05:10:57 PM IST
Updated: Jul 1, 2024 06:23:29 PM IST

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Over the weekend, Bitcoin rose above $63,000, with the global cryptocurrency market cap reaching $2.28 trillion. The world’s oldest and most valuable cryptocurrency saw a 24-hour gain of 4.11 percent, trading at $63,193.77. Other major cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) also witnessed gains across the board. The Ethereum Name Service (ENS) token was the top gainer, with a 24-hour jump of nearly 30 percent. In contrast, Kaspa (KAS) became the biggest loser, with a 24-hour dip of nearly 2 percent.

Several financial analysts shared their insight on the current crypto market scenario. The co-founder and CEO of Unocoin, Sathvik Vishwanath, stated that Bitcoin’s immediate resistance is at around $61,500, which is crucial for initiating a bullish trend towards $62,500 and $64,300. He also noted that despite the 50-day EMA trending downward at $61,240, Bitcoin’s hold above this level, coupled with an RSI of 60.11, suggests a balanced market sentiment.  

Shivam Thakral, the CEO of BuyUcoin, also noted the significant market movements. He highlighted that Bitcoin surged by over 4 percent during the weekend after a quiet phase, with Ethereum following BTC's trajectory and jumping by over 3.5 percent to reach the $3,480 mark. He expressed optimism about the future of the leading digital asset, citing the favourable outcome of the recent US presidential debate. The debate indicated that the pro-crypto candidate, Donald Trump, has a strong possibility of winning the upcoming elections, which could significantly impact the crypto market.

According to CoinDCX, the crypto market looks healthy, with BTC continuing to move from low to high scale and ETH attempting to break out of its lowest stage. Analysts also predict that Bitcoin prices will see a more significant rise of up to $70,000 this month.

Currently, as per CoinMarketCap, Bitcoin is priced at around $62,828 (constantly changing), representing almost 58.3 percent of the total trade volume in the past 24 hours. The total market cap value also stands at 2.16 percent. The price growth across the crypto market is possibly driven by the Bitcoin exchange-traded funds (ETFs) and VanEck’s Solana ETF application. It may also be due to crucial US macroeconomic events, such as the unemployment rate announcements and job openings.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash