An impressive week in the crypto market culminated in a solid start to the day Monday. The digital currency is now worth $21,558 following a recent increase of nearly 3%. For comparison’s sake, Ethereum’s price has risen to $1,480 after gaining 8.63% and over 30% in the previous day and week.
Several other cryptocurrencies, including Cardano, Solana, Polkadot, and Avalanche have all gained more than 7% as a result of the boost. MATIC has been the top gainer in the top 15 category coins following an 18% surge in the last 24 hours. Additionally, according to CoinGecko, the total market worth of all cryptocurrencies has now surpassed the $1 trillion milestone, up 3.92 percent from the previous day.
Bitcoin’s first-half sell-off was compounded by miners selling their coins, as previously reported, in addition to the continued geopolitical tensions and the struggle against inflation. During the first three months of the year, public Bitcoin miners sold 20% to 40% of their mining rewards, before selling almost 400% of their output in June due to deteriorating market circumstances.
The total number of BTC owned by public miners has dropped from 46,026 at the beginning of May to 35,054 at the end of the month. Experts now feel that aggressive selling may be on the wane since that most obligations have been settled.
Glassnode, a crypto analytics startup, has also shown that hodlers are becoming more reluctant to spend at the lower levels. At least eighty percent of Bitcoin’s USD worth has been hoarded for at least three months, the company tweeted over the weekend. Because of the two greatest BTC capitulation events by volume since 2011, known as “LUNA” and “DeFi,” analysts feel that the worst danger has been removed from the system, setting the stage for an upsurge in the price of Bitcoin.
Since mid-June, the price has been forming a symmetrical triangular pattern, which traders are keeping an eye on to see whether the price will break out of the triangle.
After breaking out of this tight range, the price might rise to as high as $28,000.