Notably, the flagship digital asset could be on track to post its highest weekly increase since October 3 of last year. The largest cryptocurrency measured by market capitalization saw its value increase by more than 13% over the last week; if this trend continues, it would be the largest rise over such a time period since 2021. Currently, Bitcoin is trading at $21,590, up 5.32% in the last 24 hours and with a total market worth of $412 billion, according to CoinMarketCap data. As per WazirX Trade Desk, who shared their thoughts on the current market movements: WazirX added:
Expert opinion
According to crypto trading expert, Michaël van de Poppe the latest Bitcoin position looks ‘decent,’ as it grinds upwards. In a tweet on July 7, Poppe noted that Bitcoin needs to hold the $20,200 level before looking at the next target will be hitting $22,500. On July 8, the professional trader highlighted that Bitcoin, after reaching highs, will be next likely expecting a build-up phase before breaking above 200-week Moving Average (MA).
Global crypto market sees a $100 million inflow
As a result of the climb led by the flagship digital asset, the global crypto market as a whole has benefited as over $100 billion has entered the cryptocurrency market capitalisation in the last week, according to CoinMarketCap data. Indeed as of July 1, the total market cap of all cryptocurrencies stood at $860,040 billion compared with $960,663 on July 8. Ether, on the other hand, which is the token that is connected to the blockchain of Ethereum and is the second biggest cryptocurrency, increased in value by more than 7% to $1,254. In the meanwhile, the price of Dogecoin was up about 4% today, trading at $0.07, while the price of Shiba Inu (SHIB) was up over 7%, reaching $0.000011. The crypto sector as a result of monetary tightening and a series of blowups in the digital asset industry, which is still coming to terms with its excessive use of leverage. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
