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30.06.2023 02:14 PM
Bitcoin closes week with green figures

Friday morning, Bitcoin started with an increase and maintained this upward momentum throughout the day. At the time of writing, BTC is trading at $30,805.

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According to the CoinMarketCap website, which tracks virtual asset quotes, Bitcoin reached a high of $30,847 and a low of $30,145 in the past 24 hours.

Confident bullish sentiment also prevailed in the digital asset market the day before. As a result, the leading cryptocurrency grew by 1.13% on Thursday, closing the trading session at $30,584. The market leader's optimism was adopted by the leading cryptocurrencies in the top 10 by market capitalization, most of which saw price increases.

A key supporting factor for the leading digital coins on Thursday was the optimism observed in the US stock markets the day before. The Dow Jones Industrial Average increased by 0.8% and the S&P 500 jumped by 0.45% at the end of yesterday's trading session.

Interestingly, experts note a decrease in the correlation between the cryptocurrency and stock markets this year, amid the current sideways movement in BTC's price.

This was reported by analysts from the American investment company Bernstein at the end of February. Last month, the correlation between digital gold and the NASDAQ Composite index plummeted to 0.58 from 0.94.

According to experts from Bernstein, the cryptocurrency market has recently been balancing between bullish and bearish trends, awaiting further catalysts. However, its sensitivity to important news and events in the financial world has significantly decreased.

In early 2022, analysts frequently emphasized the high correlation between the US stock market and the digital asset market, given the tense anticipation of both the geopolitical conflict in Eastern Europe and the future actions of the US Federal Reserve. In the middle of last year, researchers from the investment company Arcane Research stated that the correlation between BTC and technology securities reached its highest point since July 2020.

Meanwhile, economists from the TradingView analytical platform claimed that the correlation between the cryptocurrency market and the US stock market in the fourth quarter of 2022 stood at 70%.

Altcoin market

Ethereum, the main competitor to Bitcoin, also started Friday with growth. At the time of writing the article, the altcoin is trading at $1,889. In the Thursday session, the cryptocurrency gained 0.28% and closed at $1,856.

As for analysts' forecasts regarding Ethereum's near-term price, they suggest that the future trend of the altcoin will depend on whether the coin drops below $1,600 or rises above $1,950.

Meanwhile, among the top 10 cryptocurrencies by market capitalization in the past 24 hours, Solana showed the best results (+18.22%). Over the last 24 hours, all coins in the top 10 demonstrated uptrends.

In the past week, Solana also topped the list of gainers among the top 10 cryptocurrencies (+12.86%), while XRP showed the biggest decline (-4.14%).

According to data from CoinGecko, the world's largest aggregator of virtual asset data, in the past 24 hours, the token Cannation (+324.07%) took first place in the list of price gainers among the top 100 most capitalized digital assets, while Toncoin (-1.43%) was in the list of losers.

At the end of the past week, among the top 100 strongest cryptocurrencies, the digital asset Cannation showed the best performance (+797.04%), while Conflux (-19.90%) showed the worst performance.

According to CoinGecko, as of Friday morning, the total market capitalization of cryptocurrencies was above the important key level of $1 trillion, reaching $1.157 trillion. This figure increased by 1.85% over the past 24 hours.

Since reaching its peak above $3 trillion in 2021, the market capitalization of the cryptocurrency market has lost nearly $2 trillion.

Traditionally, June is considered a fairly good period for Bitcoin. Over the past 12 years, digital gold has ended this month with gains in seven cases and losses in five. The average June increase is about 16.7%, while the decrease is 19.2%. If the leading cryptocurrency decides to repeat the approximate dynamics of previous years this June, it may close the month at around $31,600, reaching April highs, or drop to $21,900.

In May, Bitcoin declined by 7.6% and closed the month at $27,100. In April, BTC lost nearly 10%. In March, the coin's price soared by 22.6%, marking the third consecutive month of increase amid the normalization of the banking crisis situation.

Bitcoin ended the past February with a 0.9% increase, reaching $23,200, and gained nearly 40% in price in the first month of 2023, making January its best month since October 2021. By the way, January to March of this year turned out to be the best quarter for the coin since the beginning of 2021, and BTC became one of the most profitable assets.

The key reason for the growth of the digital currency market since the beginning of 2023 has been the looming crisis in the traditional financial market. Today, stocks and bonds are going through a rather challenging period. That is why we are witnessing a consistently growing desire of investors worldwide to invest in virtual currencies.

Irina Maksimova,
Analytical expert of InstaForex
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