Bitcoin price is up over 4% today as the cryptocurrency continues to rally past the $21k mark, currently trading at $21,546. Major cryptocurrencies like Ethereum, Cardano, XRP, and Solana are also showing substantial price growth, with SOL gaining upwards of 10% in the past 24 hours. The bullish momentum this Tuesday comes amid the stock market showing signs of recovery, with the S&P 500 rising by 2.42%, Dow Jones up 1.78%, and NASDAQ up over 1.95% since opening today. The current bullish momentum spells positive news for a potential upcoming market reversal in the next couple of weeks or months.
Bitcoin Price Trades Above $21k
After dipping to a low of $17k on June 18th, Bitcoin’s price continues its recovery, currently trading at $21,435, up to over 4% in the past 24 hours. The recent price hike for BTC is likely due to the positive stock market open today, with significant stocks rising a few points this Tuesday.
The global cryptocurrency market cap is still below $1 trillion, currently standing at $938 million, according to data from CoinMarketCap. The last time the global crypto market dipped below $1 trillion was in January 2021, showing how significant the recent bear market setback is for cryptocurrency.
U.S. inflation is still at over 8% annually, at its highest since the 1980s. Unfortunately, there are still no signs that inflation is dropping any time soon, and the Fed’s attempt to curb the devaluation of the U.S. Dollar hasn’t seemed to work quite yet.
As the U.S. economy’s collapse isn’t looking too good, crypto’s best hope is for Bitcoin to depeg from the stock market’s price action and start building momentum for the next market cycle.
Ethereum Price Manages Spectacular Recovery
After bottoming out at $900 on June 18th, the Ethereum price managed a spectacular recovery, rising over 4% in the past 24-hour currently trading back above the $1.1k level.
Ethereum’s userbase seems to grow, and its community is expanding rapidly. According to Watcher.Guru, the number of Ethereum addresses holding at least 1 ETH reached a new all-time high of over 1.5 million, signaling a continuous growth of the Ethereum ecosystem.
JUST IN: The number of addresses holding at least one #Ethereum has reached a new all-time high of 1,522,641.
— Watcher.Guru (@WatcherGuru) June 20, 2022
In addition, Lark Davis, a Bitcoin, and crypto investor, mentioned how according to Google Trends, Ethereum’s search volume peaked recently at the second-highest level in a year.
— Lark Davis (@TheCryptoLark) June 21, 2022
It’s clear that many users are waiting on the sidelines to buy Ethereum at low prices, and the long-term potential for ETH is substantial. While short-term market fluctuations might cause panic in the markets, it creates an unbeatable opportunity to open long-term positions and Dollar-Cost average your crypto investments to reap insane rewards during the next bull market.
The real question is where the bottom is and when the bull market will hit. While nobody can provide an exact prediction, at some point, whether this year or next, a bear market must be followed by a bull market which will send prices soaring, similar to the crypto hype in November 2021.
Until then, HODL & DCA might be the best option.
Disclosure: This is not trading or investment advice. This article is provided for entertainment and education purposes only. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: artmagination/123RF