After weeks of turbulent price volatility, the crypto market has turned green, with Bitcoin (BTC) recovering above the key $30.000 level.
Bitcoin's short-term positive price movement is affecting the crypto market as a whole, attracting capital outflows 70 billion dollars over the past 24 hours, a potential indicator that investor confidence may be growing.
As of June 6, the total crypto market capitalization is at 1,29 trillion dollars, up 5,7% compared to the last 24 hours, according to CoinMarketCap data.
Market capitalization has lost about 1,6 trillion USD compared to the all-time high recorded last November.
In addition, the total cryptocurrency trading volume has also spiked more than 44% in the last 24 hours. On June 5, the trading volume is 42,7 billion dollars but today has increased 61,8 billion dollars.
After attempting to sustain the price around $30.000, Bitcoin managed to break through the resistance, trading at $31.300 with a low. nearly 6% increase in the last 24 hours. BTC has gained more than 2% in the past seven days.
Experts deal Popular cryptocurrency Michaël van de Poppe stated:
“Bitcoin has held at $30k for so long, now a rally to $30,3k should be a further impetus towards $31,8k. ”
Despite the cryptocurrency's recent drop, institutions and professionals maintain a bullish outlook. For example, the strategist goods senior at Bloomberg Intelligence, Mike McGlone, tin that cryptocurrencies will probably outperform all other asset classes once bear market hypothermia.
Besides Bitcoin, among the top ten cryptocurrencies by market capitalization, Cardano ( ADA ) are leading the way in growth over the past 24 hours and seven days at 12% and 22% respectively.