A few days of bullish sentiments have aided in keeping crypto trajectories on an upward path, while the overall outlook of the market also looks stable.
A couple of factors in the crypto market have helped maintain an upward trajectory in Bitcoin’s price range. The leading reason for the uptrends in crypto trajectories could be the spot ETF inflows. Data until July 19 records over a week of consecutive inflows. Spot ETF inflows on that particular day surged past $380 million.
Blackrock’s IBIT ETF has recorded most of the spot ETF inflows in the last ten days.
Meanwhile, the possibility of the launch of the spot ether ETFs might be the second factor driving the rally. Speculations around the event have risen in the last few days. With a combination of these factors, Bitcoin looks set to stage a likely price breakout at $69,000. If it successfully does so, a new ‘regular trading range’ for BTC could be above $70,000.
At the same time, tokens like ETH and SOL have also been a major part of the recent rally. SOL has spiked by more than 20% in the last week. XRP, DOGE, and AVAX are some of the other good performers, with all recording double digit gains. As a result, the overall crypto market is inching closer to the $2.5 trillion mark, with major dominance from Bitcoin.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,300 on July 22, 2024, with BTC/USD trading higher by a margin of around 0.3% 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 61,000), as BTC’s 24-hour volume was at approximately $29 billion. The global crypto market cap increased by around 0.4%, trading above $2.4 trillion. BTC’s year-to-date returns are above 60%.
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