Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K

CoinTelegraph

Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true.

According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the correction as a dip-buying opportunity.

How To Get Free Crypto  

Total cryptocurrency market capitalization. Source: CoinMarketCap

The market cap for Bitcoin fell by $68 billion, or roughly 11% of its total value, on June 22 but has since recovered all losses and is actually higher now than it was before yesterday’s flash crash, sitting at $630 billion at the time of writing. 

According to “CL”, a pseudonymous trader on Twitter, further cause for optimism can be found in the record surge in futures open interest at Binance.

Altcoins rack up double-digit gains

Bitcoin’s bounce off its swing lows was welcomed by altcoins and data from Cointelegraph Markets Pro shows the majority of tokens in the green today.

According to data from Cointelegraph Markets Pro and TradingView, the biggest gainer so far has been Cybervein (CVT), which at one point saw its price surge as much as 112% on the 24-hour chart but has since pulled back to $0.0187, representing a gain of 62% since June 22.

Coinbase Banner  

CVT/USDT 4-hour chart. Source: TradingView

The second-best intraday performer is ANKR, which rallied 72% from $0.047 to $0.082.

According to data from Cointelegraph Markets Pro, market conditions for ANKR were favorable for some time prior to the market-wide pullback on June 22.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ANKR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ANKR had been in the green in the week prior to June 2, and reached a high of 71 on June 21, around ten hours before the price rebounded from the sell-off and increased by 72%.

Other notable performances identified by Cointelegraph Markets Pro include a pair of 25% gains from VeThor Token (VTHO) and Flow, while the market’s most popular meme token Dogecoin (DOGE) gained 20%.

FreeBitcoin Banner  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Go to Source
Author: Jordan Finneseth


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.