Cryptos Trace an Upward Trend as More Gains are in Sight for the Week
According to data from Santiment, Ethereum is currently on a rise, and its price has been up more than 30% in the past week. Some of the profit-takings may occur as the market continues to move higher. However, the low whale activity suggests that this isn’t the case.
Altcoins Maintain a Green Week
The price of various cryptocurrencies rose in early trading on June 26 and have since maintained the uptrend. The global market capitalization of all cryptocurrencies increased by 0.65 percent to reach nearly $970 billion. During the day, the total volume of all cryptocurrencies traded decreased by over twenty percent.
The altcoin market cap went up by around $37.5 billion last week. It was the first green candle since March. Despite the overall market volatility, altcoins were still calm today. They were also eyeing an impressive week of gains as the macro environment worsened.
Several cryptocurrencies in the top ten by market cap have gained around 30% since the beginning of the month. Among the notable cryptocurrencies, Ether was up 28% daily and is currently trading at around $1,200. The ETH/USD pair tested the 200WMA but it could still face more trouble.
For Cointelegraph contributor Michaël van de Poppe, there was still every reason to enter crypto markets. “From an investment thesis (all things ceteris paribus), it’s a great period to look for those altcoins that you want to have,” he told Twitter followers. “In 2021, everyone dreamed of buying those at those low price values. Now the chances are there, and people don’t dare to make the decision. Typical.”
Crypto Market Cap is Rising
The total market cap of cryptocurrencies rose by $11.5 billion on Saturday, following a $27 billion gain on Friday. A day high of $940 billion was reached, the highest since June 13.
Despite the concerns about a recession, investors remained focused on the positive factors that can lead to a recovery, such as improving economic growth. The market cap of the S&P 500 is currently up by almost $600 billion for the week.
DOGE led the way on Saturday, rising by 2.35%. Other cryptocurrencies such as Bitcoin and ETH also saw gains, while ADA and SOL ended the day flat. BNB, on the other hand, bucked the trend and fell by 0.21%. On the other hand, Decentralized(MANA) gained 9%.
Crypto Liquidations Ease
The total liquidations of cryptocurrencies on Saturday continued to decline, as reflected by the market’s movements. As of Sunday, the total liquidations had been at $130 million, down from a Saturday morning of almost $200 million.
Over the past 24 hours, 54,137 traders were removed from the market. According to data from coinglass, one-hour liquidations were around $5.68 million.
Sandbox (SAND) Goes up 20% Over Last 24 Hours
Sandbox, among the top 100 cryptocurrencies, was the best performer on the day, rising by 16.3%. This week, various tech companies, such as Sony, Microsoft, and Epic Games, partnered to form a group known as the Metaverse Standards Forum.
The price of SAND is approaching the $1.11 mark, which is considered severe supply pressure. On the other hand, with a volume of $386 million, it suggests a 3.22 percent decline.
The bulls were able to break through the 10-day horizontal boundary of the SAND token on Friday night. The cryptocurrency price is currently well above its critical hedging level of around $0.90. On the other hand, the recent bottom of the token has acted as strong support for the bulls.
