The latest report on the BTC says that Bitcoin reached a new high on June 23, trading around $30,000, signaling a bullish development for the cryptocurrency. This unexpected increase in the price of Bitcoin has reignited interest in other popular cryptocurrencies like Ethereum (ETH), Arbitron (ARB), VeChain (VET), and Stacks (STX).
Data from Glassnode indicates that ETH is also beginning to trend bullishly. In the last 30 days, ether balances on exchanges fell heavily, reaching a fresh low of 12.6%. This could indicate that investors are withdrawing their currencies from exchanges and keeping them for a while, which is good news for the cryptocurrency market.
A significant portion of the gains earned throughout the week has been retained by Bitcoin buyers, indicating that they are not in a rush to book profits. This shows that the bulls are in charge and that the momentum will last for some time. It was gathered that the BTC/USD pair is currently constrained between $31,000 and the 20-day exponential moving average.
This trading in a narrow range, meanwhile, is not expected to last. The 20-day exponential moving average ($28,085) is rising upward, and the overbought region of the Relative Strength Index (RSI) shows that the bulls are in control. Other cryptocurrencies, including ARB, VET, and STX, have also seen a resurgence in interest as a result of the dramatic increase in the price of Bitcoin.
Analysis: ARB, VET, ETH, and STX Trade Volumes Increase
The trade volumes for these cryptocurrencies have increased due to the unexpected rise in Bitcoin’s price. This is good news for the cryptocurrency market since it shows that investors are growing more optimistic about the future of these digital currencies. More investigations into this development revealed that investors are exercising caution because of the volatility of the market.
The dramatic increase in the price of Bitcoin has rekindled interest in other cryptocurrencies, including ETH, ARB, VET, and STX. Expert’s analysis of the NewsNow platform reveals that the cryptocurrency market is currently experiencing (what they called a) “favorable overall mood,” and investors are growing more optimistic about the long-term prospects of these digital currencies.
Cointelegraph’s Rakesh Upadhyay has also warned that because the market is extremely volatile and prone to sharp price swings, investors should proceed with caution and thorough research before investing in any cryptocurrency.
Cryptocurrency Market Reaction To The Latest Trend
The latest price moving average has ended its bullish movement, and the Relative Strength Index (RSI) is currently in its positive territory, indicating a bullish trend. According to Upadhyay, should the price of ETH, ARB, VET, or STX turns up from its latest rebound level to a 20-day EMA, it could be a sign for traders to move in and buy the dip.
He also explained that STX/USDT pair might hover around $1.10 before settling for $1.30. The positive outcome may invalidate should the price decrease below the current moving average, which is a sign that the bear market hasn’t ended yet. Meanwhile, Ethereum’s moving average is almost about to exceed its bullish trend. It has maintained a positive Relative Strength Index (RSI), a trend confirming the bull’s strong presence.
Analysis from Cointelegraph says that the ETH/USDT pair price may increase if buyers cross the $1,928 barrier. Stacks (STX) continues to rank #44 on the CoinMarketCap in market capitalization and has remained at its $0.743944 price mark after its 50-Day SMA, which stood at $ 0.630088.
It predicted that the ETH price might likely surge to $2,148 or $2,200, regarded as the overhead zone. VeChain, on the other hand, experienced a 7.93% price fall in its trading volume in the past 24 hours before finally settling for $0.0181. The coin has also recorded a 22.65% price in the past seven days. Arbitron (ARB) is experiencing a price decline at $1.24 at the time of writing but is projected to reach $2.63 before the year runs out.
