Bitcoin Market Cap Reaches $3.25 Trillion Amid Price Fluctuations
Bitcoin has faced volatility since the onset of the Israel-Iran conflict on June 12, reaching a low of $99,700 on June 23. This decline triggered a market-wide selloff, bringing the global crypto market cap near $3 trillion.
The Pi Cycle Top Indicator suggests Bitcoin has not yet reached its peak for this cycle, as it has accurately signaled previous market tops. Currently, the 111-day moving average is at $94,000, while the 350-day x2 moving average is above $167,000. Historical trends indicate Bitcoin needs to surpass $150,000 to signal a market top.
Market Reactions and Trends
- Bitcoin's drop prompted speculation about buying opportunities, despite heightened fears due to the ongoing conflict.
- Arthur Hayes, former CEO of BitMEX, suggested the dip could be a buying opportunity.
- An anonymous whale purchased $113 million in Ethereum as prices hovered around $2,200, indicating potential price recovery.
- Bitcoin gained 3% in 24 hours, trading at $105,000, while Ethereum rose 5% to $2,380.
- The fear and greed index increased from 37 to 47, reflecting a shift towards neutrality.
- The total cryptocurrency market cap recovered to $3.25 trillion.
- Bitcoin's market dominance increased by 1.1% to 64.5%, while Ethereum remained at 8.9%. The share of altcoins (excluding ETH) dropped to 26.6%.
- In late June 2024, Bitcoin's market dominance was 53%, indicating its decoupling from lower-cap altcoins.