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 $70 billion in inflows over the past 24 hours, a potential indicator of investor confidence is increasing.
As of June 6, the total crypto market capitalization stands at $1.29 trillion, up 5.7% from the last 24 hours, according to CoinMarketCap data.
Market capitalization has lost about $1.6 trillion from its all-time high recorded last November.
Additionally, the total cryptocurrency trading volume has also spiked by more than 44% in the past 24 hours. On June 5, the trading volume was $42.7 billion but today it has increased to $61.8 billion.
After attempting to sustain the price around $30,000, Bitcoin managed to break through the resistance, trading at $31,300 with a gain of nearly 6% over the past 24 hours. BTC has gained more than 2% in the past seven days.
Renowned crypto trader 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, senior commodity strategist at Bloomberg Intelligence, Mike McGlone, believes that cryptocurrencies will likely outperform all other asset classes once the bear market cools down.
Besides Bitcoin, among the top ten cryptocurrencies by market capitalization, Cardano (ADA) is leading the way in gains over the past 24 hours and seven days with 12% and 22% respectively.