The bullish seven-day period has seen improving signs of crypto token metrics, which have led to predictions for a better monthly scenario for the market in July 2024.
Although Bitcoin is down from its all-time highs, a recent uptrend has led to better crypto token metrics across the market. The beginning of July has thus begun on a good note. However, the last 24 hours did witness a short dip for multiple tokens. This may indicate that bears are still active in the crypto market. Meanwhile, bulls have countered them since July, providing support for the BTC price range at $60,000.
Focus has also shifted to the upcoming spot ether ETFs, which could go live this month. It may lead to ETH shooting above $5,000 in a consolidated manner. Moreover, other tokens and altcoins could also benefit from better sentiments after the ETFs launch.
K33 Research, a crypto analytics firm, highlighted this trend in one of its recent reports. “We maintain a bullish ETH outlook in anticipation of net inflows equivalent to 0.75-1% of ETH’s circulating supply in the five months following the launch,” said the analysts authoring the report. ETH has been in a stagnant zone for some time after an initial jump after the ETF news made headlines.
The crypto market might observe a cautious approach to macroeconomic developments in the next few months.
BTC/USD 1D price chart
Bitcoin is currently trading at around $60,800 on July 3, 2024, with BTC/USD trading lower by a margin of 2.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (64,601.86), as BTC’s 24-hour volume was at around $22.53 billion. The global crypto market cap decreased by around 2.3%, trading above $2.26 trillion. BTC’s year-to-date returns are at 45.16%.
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