BTC miners' rally lifts Bitcoin to $67k, XRP leads altcoin gains

Bitcoin BTC has been stuck in a narrow trading range below its all-time highs since March, leading to a series of liquidation events that have cleared out excessive leverage

By Shashank Bhardwaj

Published: Jun 18, 2024 05:25:03 PM IST

Updated: Jun 18, 2024 05:28:06 PM IST

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The digital asset market witnessed a remarkable resurgence on Monday, as Bitcoin BTC, despite an initial dip to nearly $65,000, bounced back to the $67,000 level. This marked a significant recovery from last Friday's market correction. Currently, Bitcoin BTC is trading at $66,800, showcasing its resilience with a 0.9 percent increase over the past 24 hours.

While most altcoins managed to recover, they trailed behind Bitcoin BTC in terms of daily performance. Ether (ETH) was still in the red, down 0.7 percent over the same period. Other notable altcoins like dogecoin (DOGE), Shiba Inu (SHIB), and native tokens of layer-1 networks such as Avalanche (AVAX) and Near (NEAR) also experienced losses, ranging from 2 percent to 5 percent.

Amidst the general market trend, Ripple's XRP (XRP) stood out, posting a 5 percent daily gain and being the only cryptocurrency apart from Bitcoin BTC to show a positive performance. This unique performance of XRP provides a contrasting perspective to the overall market, potentially sparking interest among investors.

Meanwhile, several smaller publicly-listed Bitcoin miners experienced significant gains, with Hive Digital Technologies (HIVE), TeraWulf (WULF), and Canaan (CAN) rallying by 10-20 percent each. Larger-cap miners Marathon Digital (MARA) and Riot Platforms (RIOT) also saw their stocks rise by 4 percent.

Looking beyond the crypto space, traditional markets continued their upward trend. The Nasdaq 100 and S&P 500 indices both reached new all-time highs, with the S&P 500 rising by 0.9 percent and the Nasdaq 100 increasing by 1.2 percent. This upward trend in traditional markets further adds to the overall optimism in the market.

Bitcoin BTC has been trading within a narrow range below its all-time high prices since March, leading to a series of liquidation events that have cleared out excessive leverage in the market. This sideways movement has likely been frustrating for many market participants, particularly those who are accustomed to seeing the price of Bitcoin rise steadily.

Underscoring the relatively muted price action, Bitcoin's 30-day realised volatility has dropped to near-historic low levels, indicating a period of reduced price fluctuations.

The crypto market is struggling to maintain its momentum due to the absence of significant catalysts. While there are positive predictions circulating, the market requires concrete news to drive forward and sustain its progress.

While the overall sentiment may be optimistic, trader and market analyst Bob Loukas has tempered expectations for the short term. Bitcoin is "clearly" in the declining phase of its daily cycle and could potentially revisit the lower $60,000 range before a more sustainable uptrend emerges.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.

Twitter: @bhardwajshash