The cryptocurrency market has found the optimal time to start moving up and has been restoring positions since Sunday. Bitcoin has managed to break through the $35,000 mark and has every chance to continue moving to the next difficult milestone. The major altcoins do not lag behind BTC and are selected to the optimal positions to accumulate the necessary volumes. The news background remains mostly positive, but the increased attention to cryptocurrencies also provokes a negative. However, as of June 29, the crypto market is at the stage of restoring quotes, and during the day, the total capitalization of cryptocurrencies increased by 6%, to the level of $1.5 trillion.
Ethereum followed Bitcoin's momentum and began to grow in price on Monday, June 28. During the week, the cryptocurrency quotes increased by 15%, and over the past day, the asset has risen by 9%. The total capitalization of the coin is $254 billion. The main reason for optimism is the upcoming London update. Recall that the London upgrade has already been added to the ETH – Ropsten test network, which caused a lot of positive emotions. In addition, the successful test of the new hard fork provoked an increase in interest in the cryptocurrency. Low commissions in the asset's network also fueled the market's interest in altcoin. The upcoming update provoked investors to pay attention to ETH.
Due to a combination of factors, the indicator of the major altcoin managed to break through the $2,000 milestone, and as of 12:00 UTC, the coin is quoted in the area of $2,165. Over the past few hours, the local dynamics of the price movement have begun to change, which may indicate a slight pause. The short-term indicators of the MACD indicator show bearish signals, and the RSI signals indicate a fading interest in the coin. The medium-term indicators of ETH indicate bullish signals, but there is every reason to believe that the local growth of the coin is coming to an end. At the same time, the cryptocurrency does not look overvalued, which indicates another possibility of a surge of interest in the asset.
A powerful growth is shown by the Ripple token, which over the past day has risen by 14.5% and broke the $0.7 milestone. As of 12:00 UTC, the coin is quoted in the area of $0.721. It is worth noting that the current growth of XRP/USD quotes can be called impulsive. This is indicated by the RSI indicator, which is at the level of 90 and is just beginning to decline. In the medium term, the Ripple token will stop such a powerful growth, but short-term indicators indicate a continuation of the upward movement. The local dynamics of the growth of quotes is in the area of +4%, which indicates that XRP can make a successful retest of $0.82.
Litecoin made a relatively powerful leap, reaching $145. Over the past day, the asset has risen in price by 12%. The closest point of resistance for the cryptocurrency will be the $150 line. If the coin manages to overcome it, then the further movement to $160 will be decisive. In mid-June, strong support for the asset was concentrated at around $160, which was broken only with a powerful collapse of Bitcoin. The local dynamics of the price movement indicate a slight decline (-0.5%). This is also evidenced by the RSI indicator, which indicates that the asset is overbought. This is already provoking an outflow of the audience, which will not allow the coin to break through the $150 mark on June 29.
Altcoin ADA also shows good growth, which has risen in price by 6% over the past day. After a recent update, the cryptocurrency set a record by combining 650,000 unique addresses in its staking. In just a week, 50,000 new addresses were formed in the network of the fifth largest altcoin. The creator of the coin, Charles Hoskinson, said that Cardano will become the next official means of payment in El Salvador. Thanks to such announcements, ADA/USD is quoted at the level of $1.39 and is close to breaking the difficult mark of $1.4. However, the local dynamics indicate the beginning of a downward movement. The RSI indicator also shows excessive interest in the asset, which will end with a sharp outflow of the audience. Given all this, a promising altcoin has a chance to break through $1.4, but it is unlikely to be able to gain a foothold there.
Major altcoins continue to recover their positions, but all coins have common features of an upward movement. They are tied to a short-term, but powerful impulse that can drag assets to safe borders, but not cause further growth. The news background also contributes to the growth of cryptocurrencies. For example, Coinbase has received a license to store crypto assets in Germany, and Ark Invest has applied to create a Bitcoin ETF in the United States. At the same time, the Mexican authorities have begun to tighten their policy towards cryptocurrencies and have already threatened the country's banks. The positive was also diluted by news from England, where the government pointed the door to the Binance crypto exchange. Representatives of the company have already given a comment, but the situation is alarming. Soon, the growth of quotes of the major coins will stop and the stage of building up and consolidation will begin. The further movement of cryptocurrencies will determine the market's reaction to subsequent news impulses.
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