Why Is Crypto Going Up Today: June 2024 – Forbes

The surge in the crypto market since the past few days can be attributed to several factors driving renewed investor optimism and heightened interest in digital assets. Despite facing challenges in 2023 due to global economic conditions, the market has demonstrated resilience and bounced back strongly. While inflation didnt directly impact the previous slump, other macroeconomic factors played a significant role. However, recent developments, such as the approval of Bitcoin Spot Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission and the upcoming Bitcoin halving event, have injected substantial investments into the market, bolstering overall sentiment.

Britains financial regulator announced that it would permit recognized investment exchanges to introduce crypto-backed exchange-traded notes (cETNs), joining other regulators in facilitating the adoption of digital assets. The Financial Conduct Authority (FCA) specified that these products would be accessible exclusively to professional investors, such as credit institutions and investment firms authorized to operate in financial markets.

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The rise of Bitcoin from INR 2,080,001 to INR 6,114,877, Bitcoin broke its previous records set in 2021, showcasing its resilience and potential for growth. Despite facing significant downturns in 2022 and 2023, Bitcoin experienced a resurgence in 2024. Following substantial jumps on March 8 and March 14, Bitcoin surged to all-new highs. This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide. The rapid ascent of Bitcoin underscores the volatile nature of the crypto market and highlights the potential for both substantial gains and losses. As Bitcoin continues to break barriers and reach new milestones, it emphasizes the evolving landscape of digital assets and the opportunities they present for investors.

Ethereums stability and positive developments in the crypto landscape have also contributed to traders anticipation of further price appreciation, driving market optimism. The latest data as per March 18, 2024, shows that Bitcoin (BTC) experienced a slight decrease of 4.90%, while Ethereum (ETH) decreased by 10.95% in the last seven days. Conversely, Tether (USDT) witnessed a marginal increase of 0.05% in the last 24 hours. These fluctuations, coupled with the overall bullish sentiment, underscore the current rise in the crypto market.

As we navigate the complexities of the digital age, top cryptocurrencies like Bitcoin, Ethereum, and others continue to gain prominence, revolutionizing financial transactions, investment strategies, and economic paradigms. Join us as we explore the latest developments, trends, and insights shaping the dynamic world of cryptocurrency today.

Price: INR 5,635,378.39 ($67,966) Market Capitalization: INR 111.19 trillion ($1.34 trillion)

Bitcoin continues to assert its dominance in the cryptocurrency market, with its price showing resilience amidst market fluctuations. Despite a modest increase of 1.30% in the last 24 hours. Bitcoin maintains a very bullish technical rating, reflecting its strong position. With a 3-month performance of 66.45, Bitcoins stability and widespread adoption make it a preferred choice for investors seeking long-term value and stability in the volatile crypto landscape.

Related: How To Buy Bitcoin

Price: INR 298,901 ($3,596) Market Capitalization: INR 35.94 trillion ($433.27 billion)

Ethereum remains a stalwart in the cryptocurrency space, with its price remaining relatively stable at INR 348,999.0, showing a marginal change of -0.9%. But, following the Dencun upgrade, ETH has declined 11.17% in the last seven days. Ethereums technical rating remains very bullish, indicating confidence in its underlying fundamentals. With a 3-month performance of 73.69, Ethereum continues to be a frontrunner in the development of decentralized applications and smart contracts, attracting both developers and investors alike.

Related: How To Buy Ethereum

Price: INR 82.87 ($0.9997) Market Capitalization: INR 8.57 trillion ($103.37 billion)

Tether USD, the leading stablecoin, exhibits stability in its price, albeit with a slight decline of -0.10% in the last seven days. Despite the bearish sentiment, USDT remains a vital component of the cryptocurrency ecosystem, providing liquidity and stability to traders and investors. With a 3-month performance of -0.87, Tether USD serves as a reliable anchor in times of market volatility, offering a safe haven for preserving capital.

Related: How To Buy USDT In India

Price: INR 47,371 ($569) Market Capitalization: INR 7.07 trillion ($85.14 billion)

Binance Coin experienced a minor decline of -0.50% to INR 46,545.27, yet maintains a very bullish technical rating. With a pivot level between INR 48,831 ($589.04) (24H High) and INR 47,633 ($550.47) (24H Low), BNB continues to showcase its resilience and attractiveness to traders and investors. Binance Coins ecosystem and utility within the Binance exchange contribute to its ongoing popularity and strong performance in the cryptocurrency market.

Related: How To Buy Binance Coin

Price: INR 17,208 ($206) Market Capitalization: INR 7.61 trillion ($91.45 billion)

Solana remains an attractive investment option due to its robust ecosystem and scalable blockchain platform. With a pivot level ranging from INR 17,383 ($209) (24H High) to INR 15,632 ($188) (24H Low), SOL continues to demonstrate its potential for growth and innovation in the evolving cryptocurrency landscape.

Related: How To Buy Solana

Note: The price and market capitalization is as of March 18, 2024 via CoinMarketCap

Looking ahead, the crypto market shows promising signs of continued growth and potential opportunities. With Bitcoin (BTC) and Ethereum (ETH) maintaining their positions as leading cryptocurrencies, investors are optimistic about the markets trajectory.

The recent surge in cryptocurrency prices, coupled with positive developments such as the approval of Bitcoin Spot Exchange Traded Funds (ETFs) by regulatory authorities, has fueled expectations for further gains. Additionally, anticipation is building around the upcoming Bitcoin Halving event scheduled for April 2024. These factors are likely to attract more investors and drive increased trading activity in the crypto market.

Investors had high hopes for the Dencun upgrade on Ethereum; however, following the upgrade, ETH experienced a notable decline in its price. Similarly, Bitcoin also witnessed a downtrend over the past two days, following the upgrade.

However, its essential to remain cautious and mindful of the markets inherent volatility. Past experiences, such as the significant price fluctuations witnessed in 2021, serve as a reminder of the risks associated with cryptocurrency investments. Therefore, investors should approach the market with careful consideration, diversify their portfolios, and implement prudent risk management strategies to navigate potential market fluctuations effectively.

Overall, while the future of the crypto market holds promise, its crucial to stay informed, remain adaptable, and exercise caution in making investment decisions.

The recent surge in cryptocurrency prices suggests a potentially promising future for the crypto market. With Bitcoin surpassing its all-time highs and excitement building around the Bitcoin halving investors are hopeful for continued growth and potential new records.

As of now, the total global crypto market capitalization stands strong at $2.58 trillion, reflecting significant interest and investment in digital assets. However, theres a lingering question: is this surge indicative of a sustained bull run, or could it potentially be a setup for a bull trap?

To answer this, its crucial to reflect on the historical performance of key cryptocurrencies like Bitcoin. In 2021, Bitcoins price surged to over $57,000 before plummeting into a prolonged bear market, shedding nearly 42% of its value by early 2022. This history serves as a reminder of the inherent volatility of the crypto market and the unpredictability of price movements.

The current volatility in Bitcoins prices isnt unprecedented, and theres no assurance that the ongoing rally will continue indefinitely. Investors must remain cautious and acknowledge the high level of risk associated with investing in any asset class, whether centralized or decentralized. Its essential to approach cryptocurrency investment with careful consideration and prudent risk management strategies.

Considering the market capitalization of cryptocurrencies over the years, from November 2021 to March 2024, theres a clear trend of growth and fluctuation. The market peaked at $3 trillion in November 2021, experiencing subsequent ups and downs before reaching $2.58 trillion in March 2024. This journey underscores the dynamic nature of the crypto market and the importance of staying informed and adaptable to navigate its fluctuations effectively.

In conclusion, while the recent surge in cryptocurrency prices offers promise for potential gains, investors must tread cautiously and remain mindful of the markets inherent volatility. Its crucial to approach cryptocurrency investment with a well-thought-out strategy, informed decision-making, and a disciplined approach to risk management.

Investing in cryptocurrency can be lucrative but comes with its own set of risks. Heres a comprehensive guide on how to invest in crypto:

Understand the Risks: Recognize that the cryptocurrency market is highly volatile, and investing in it can be risky. Prices can fluctuate dramatically in short periods, leading to substantial gains or losses.

Assess Financial Situation: Before investing, evaluate your financial situation and risk tolerance. Determine how much you can afford to invest without affecting your overall financial stability.

Research Cryptocurrencies: Conduct thorough research on different cryptocurrencies. Learn about their technology, use cases, development teams, and market dynamics. Focus on well-established cryptocurrencies like Bitcoin and Ethereum, as well as promising altcoins.

Keep Up with the Latest News: Stay informed about market trends, regulatory updates, and technological advancements in the cryptocurrency space. Follow reputable sources, forums, and social media channels to stay updated.

Choose a Reliable Exchange: Select a reputable cryptocurrency exchange to buy, sell, and trade cryptocurrencies. Look for exchanges with a good reputation, strong security measures, and a user-friendly interface.

Secure Your Investments: Prioritize security measures to protect your cryptocurrency investments. Use hardware wallets or cold storage solutions to store your cryptocurrencies offline and safeguard them from hacking or theft.

Diversify Your Portfolio: Spread your investments across different cryptocurrencies to minimize risk. Diversification can help mitigate losses if one cryptocurrency underperforms while others thrive.

Set Investment Goals: Define your investment goals and time horizon. Determine whether youre investing for the short term or long term and establish realistic expectations for returns.

Start Small: Begin with small investments to test the waters and gain experience in cryptocurrency trading. Avoid investing large sums of money until youre comfortable navigating the market and understanding its dynamics.

Monitor Your Investments: Regularly monitor the performance of your cryptocurrency investments. Stay alert to market trends and be prepared to adjust your investment strategy accordingly.

Seek Professional Advice: Consider consulting with a financial advisor or cryptocurrency expert, especially if youre new to investing or uncertain about your decisions. A professional can provide personalized guidance based on your financial goals and risk profile.

Stay Patient and Disciplined: Cryptocurrency investing requires patience and discipline. Avoid making impulsive decisions based on short-term market fluctuations and stick to your investment plan.

Heres a step-by-step guide on how to invest in cryptocurrency:

Step 1: Understand and do your research on the current crypto market and its risks.

Step 2: Choose the amount youre willing to invest.

Step 3: Choose the cryptocurrency you want to invest in.

Step 4: Choose a crypto exchange platform for your investment.

Step 5: Make your own account through a crypto exchange platform.

Step 6: Complete the verification and know your customer (KYC) process.

Step 7: Fund your crypto account and youre good to trade your desired crypto coin.

Step 8: Choose a crypto wallet to store your cryptocurrency. There are multiple digital wallets like mobile wallets, hardware wallets, desktop wallets and online wallets. Learn more about the best crypto wallets in India.

Step 9: Secure your wallet.

Step 10: Hold and then sell or buy to gain profit as deemed appropriate.

Featured Partners

Legacy

Over 1 Million Investors Trust Mudrex for Their Crypto Investments

Security

Mudrex is Indian Govt. recognized platform with 100% insured deposits stored in encrypted wallets

Fees

Enjoy zero crypto deposit fees and industry's best fee rates.

Multiple Award-Winning Broker

Listed On Deloitte Fast 50 index, 2022 Best Global FX Broker - ForexExpo Dubai October 2022 & more

Best-In-Class for Offering of Investments

Trade 26,000+ assets with no minimum deposit

Customer Support

24/7 dedicated support & easy to sign up

Please invest carefully, your capital is at risk

Investing in cryptocurrency can be a rewarding venture, but its essential to approach it with caution and diligence. By understanding the risks, conducting thorough research, and following a disciplined investment strategy, you can navigate the crypto market effectively and potentially capitalize on its growth opportunities. Remember to stay informed, stay patient, and stay vigilant in protecting your investments.

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Why Is Crypto Going Up Today: June 2024 - Forbes

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