Despite the recent rally that saw major cryptocurrencies trade in the green, the crypto market has resumed trailing negatively as Bitcoin (BTC) and other altcoins show resilience while trading bearishly.
Bitcoin (BTC), Solana (SOL), and Dogecoin have traded bearishly over the past 24 hours, reporting slight price differences of less than 2%. Following the slow price movements, top altcoins that have traded bullishly over the last day only reported gains of not up to 3%.
BTC Still Holds Above $57,000
While BTC has held steady above $57,000, the world’s largest cryptocurrency has decreased by 0.38% in the last day. The coin is trading at $57,649, about a 20% decline from the $73,750 all-time high it achieved as of Q1, 2024.
Despite the negative market trend, Bitcoin has recovered massively from the $55,000 it dumped a few days ago, all thanks to the $295 million net inflow recorded by Bitcoin ETFs on July 8 after several days of continuous outflows.
The slow market performance was also reflected in the total market volume and the global crypto market capitalization, which remained steady with slight increases of 0.76% and 1.91%, respectively, over the last day.
This stability in the crypto market capitalization and overall volume suggests a balance between buying and selling pressure, as neither side is seen dominating the market.
Investors Retain Bullish Stance on Ethereum
While Ethereum is trading bullishly at $3136 as of press time, it reflects a slight price pump of 0.85% over the last day. BNB also mimicked this price action, increasing its price by 0.51% in the last 24 hours.
Ethereum’s resilience above $3100 despite the broad negative performances further fortifies suggestions that selling pressures on the cryptocurrency are on the low.
Data provided by LunarCrush also indicates that 88% of investors are bullish on the asset’s future performance.
