Cryptocurrency markets rise up over 15% since start of July
The cryptocurrency markets have made some emphatic upwards movements since the start of July.
After ending June on a pronounced downswing, the cryptocurrency markets have risen dramatically over the weekend starting July, with total market cap growing somewhere in the field of 15%.
The bulk of the rise took the form of two pronounced steps, at the start of the month and again today, 3 July.
It might not be the most organic-looking movement, and it doesn't do a whole lot to quell the theory that the upwards price movements are largely driven by deliberate short hunting, but for a weary cryptocurrency market it's a welcome breath of fresh air.
As usual, bitcoin prices mirror the overall movements of the rest of the market, while the altcoin market as a whole tends to move in the same direction as bitcoin, but more emphatically.
The bitcoin volume in particular might show that traders are coming back to life. Assuming that the price movements are organic, it could indicate that the many recent announcements of institutional money have injected some vigor into the markets, and that people are expecting the market to have found its bottom around the end of June.
The biggest mover of the day – of coins that matter – is NEM, pumping up somewhere between 20% and 40% in the last hour, depending on whether or not one's analysis includes the significant outlier of Korean won to NEM pairs on Bithumb. Other altcoins are rising too.
EOS is also seeing pronounced gains after its chaotic mainnet launch settles down and its revised constitution finally bars block producers from freezing accounts, although now its running into a new set of even tougher problems in the form of a speculative secondary market around its system resources.
Everyone's favourite Dogecoin is also showing sizable movements, rising up about 10% in the last 24 hours.
It remains to be seen whether or not the markets have another rise scheduled for the near future. It might be more likely than it seems, especially if enough imprudent day traders start expecting a downturn and set up leveraged shorts.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, XRB