LIVE NOW

Cryptocurrency markets rise up over 15% since start of July

Andrew Munro 3 July 2018 NEWS

cryptocurrency volatility bad

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

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site