Bitcoin, Ethereum, and Cryptocurrency Price Forecast for European Market on July 17
Bitcoin continues to hold steady above the $65,000 mark, with a slight increase in trading value as of Wednesday. On-chain data suggests that Bitcoin is currently undervalued, and the US spot Bitcoin ETFs have reported a significant inflow of $422.50 million on Tuesday. In related news, Kraken has informed Mt. Gox creditors of fund distributions, while Hermetica, a Bitcoin DeFi protocol, has introduced its BTC-backed USDH on Bitcoin’s L1 using the Runes protocol.
The cryptocurrency market as a whole has witnessed a 4% surge in market capitalization over the last 24 hours, reaching $2.522 trillion on Wednesday, according to CoinGecko. This increase has led to a rally in almost all of the top 10 cryptocurrencies by market capitalization during this period.
Moreover, the crypto market has shown signs of recovery, outpacing its recent decline by adding 2.4% within 24 hours, bringing the total market capitalization to $2.4 trillion. Bitcoin has notably surged by 15% since Saturday and is currently testing the $66,000 mark. Ethereum is also making strides, aiming to surpass the $3,500 threshold. Among the leading cryptocurrencies, XRP has stood out with a 12% daily increase and a remarkable 38% surge over the past 7 days, surpassing Solana, which experienced a more modest 3.4% rise in a day.
It is important to note that all investment decisions should be made after conducting thorough research, as the cryptocurrency market is highly volatile and involves substantial risks. The views expressed in this article are solely those of the author and may not necessarily reflect the official stance of any entities mentioned. As always, caution and due diligence are advised when navigating the dynamic landscape of cryptocurrencies.
