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The top 10 digital currencies have all seen an increase in value in the last 24 hours, except Tether. The crypto industry’s entry in July is marked with an upsurge in the overall market.
On June 29, the crypto market’s capitalization was at $233 billion. On June 30, that number spiked to $260 billion, which is an 11.58 percent climb in the span of a single day. This indicates that cryptocurrencies aren’t at a steady decline, as predicted by their detractors, but can right themselves well enough when the market slumps.
IOTA, ranked ninth, saw a consistent buying market in a three-day period, according to NewsBTC. Its current price is $1.18 with a 14.16 percent upsurge within 24 hours.
EOS is also doing pretty well, seeing a 15.66 percent growth in 24 hours, putting its value at $9.11. However, it needs to close out strong today to bolster yesterday’s performance.
But among the top 10 digital currencies on coinmarketcap, Cardano has had the most gains in 24 hours, seeing a 15.61 percent uptick and having a value of $0.16. It can be recalled that Cardano was one of the two cryptocurrency picks of OnChain Capita founder Ran Neu-Ner, NEO being the other one.
Neu-Ner also predicted recently that Bitcoin will fall below the $5,350 value in the next two weeks. However, the cryptocurrency defied Neu-Ner’s speculation, rallying from its June 29 value of $5,875 to its current price, $6,645.
If Bitcoin stays above $6,650, it can potentially spike to $7,750, although crypto traders are expecting a minor resistance at the $6,877 margin. Allianz’s chief economic adviser, Mohamed El-Erian, said that he would buy Bitcoin if it fell to $5,000.
This proves that traditional investors are just biding their time to enter the crypto space, waiting for the best opportunity to throw their hats in the ring.
Institutional investors have been cited by Fundstrat tactician Tom Lee as the major key to propelling Bitcoin to a value of $25,000. But even with the modest increase gained by Bitcoin and the other top digital currencies, this prediction will unlikely happen in the near future.
