The cryptocurrency market has been experiencing a lot of bearishness in the last two weeks as prices continued to slide due to prevailing FUD. However, things seem to be off to a good start this week judging by the ongoing bullish uptick. Here’s a weekly recap of how some of the top cryptocurrencies have performed in the last few days.
Bitcoin bulls are back, potentially signifying the end of the selloffs that prevailed in the previous two weeks. BTC is currently trading at $38,270 which is an impressive recovery after bottoming out at $29,482 on Wednesday last week. The price of Bitcoin has so far rallied by 10.90% in the last 24 hours and 21.61% in the last 7 days at the time of this press.
Bitcoin has been on a strong rally since Wednesday, reflecting strong buying volume in the last 6 days. It has already crossed above its 7-day and 25-day moving averages, thus affirming its bullish strength. Bitcoin's bullish assault is currently headed towards the 99-day moving average. If it crosses above, then it might indicate that the bullish momentum we witnessed earlier this year is back and could potentially send it to new all-time highs. However, traders should still exercise caution because there are still uncertainties in the market.
ETH has also delivered an impressive performance in the last few days thanks to a strong rally which has sent the price up to $2,339. It has so far surged by 6.35% in the last 24 hours and 22.23% in the last 7 days.
ETH’s price action has so far managed to recover from its recent low of $1,706 and the bulls have also pushed it above the 7-day and 25-day moving averages. If the bullish momentum continues, we might witness a crossing above the 99-day moving average in the next few days. The current price performance reflects strong buying volume in the last 6 days.
Dogecoin is back on the winning side after a not-so-favorable performance in the first two weeks of July. It is currently one of the top gainers in the top 50 list after rallying by 11.33% so far in the last 24 hours, to its current price at $0.22. Its weekly performance has been very strong as it has so far rallied by 25.32% in the last 7 days.
Dogecoin’s price recovery in the last 6 days is impressive considering that it traded as low as $0.15 on Tuesday last week. Doge has so far experienced a price uptick and just like its counterparts, it has already crossed above the 7-day and 25-day moving averages.
Faraland has maintained its impressive performance in the last few weeks and has even managed to overcome most of the bearish pressure. It currently trades at $3.86 after rallying by 35.63% in the last 24 hours, making it one of the top gainers.
FARA is also one of the best performing cryptocurrencies in July. It kicked off the month at $0.37 before its parabolic run. FARA has so far rallied by 943% in July to its current price, which makes it one of the best performers of the month.
The reignited bull market is a refreshing change from the FUD-induced bear market that has prevailed in the last few weeks. Such a strong performance might just be what the market needs to regain its confidence. It is still too early to conclude whether this is the highly anticipated second wave of bullish momentum. Despite the optimism, investors should be mindful of recent developments which will affect inflows and outflows in the market.