Crypto traders noticed a jump in BTC price volatility since July 22, while the overall crypto market cap held a steady momentum to go closer to the $2.5 trillion mark.
There have been mixed trends in the crypto market over the last 24 hours. BTC price volatility increased in the period during which Bitcoin dipped to around $66,000. The dip was short-lived, and it soon recovered. Amidst the volatility, crypto traders have helped maintain the overall crypto market cap, which is stable. It is currently inching closer to $2.5 trillion. Breaching the mark may unlock positive sentiments in the market.
Meanwhile, on July 22, the BlackRock IBIT spot Bitcoin ETF recorded over a half billion dollars worth of inflows. This trend clearly indicates rising support from the investors of the spot Bitcoin ETFs. As a result, the assets under management of the ETFs have also increased steadily. The IBIT ETF’s inflows on July 22 were the highest for any ETF since March 2024.
Moreover, this uptrend in the crypto market could also be a result of the lower selling pressures. After a few catalysts for sell-offs got over recently, the market has been on an upward trajectory. A few concerns remain in the market, which include crypto traders booking profits. To continue this rally, Bitcoin would likely have to consolidate above $69,000 soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,900 on July 23, 2024, with BTC/USD trading lower by a margin of around 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 61,300), as BTC’s 24-hour volume was at approximately $43 billion. The global crypto market cap increased by around 0.5%, trading above $2.4 trillion. BTC’s year-to-date returns are above 59%.
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