Sunday, June 16, 2024

Market Watch May 31: Bitcoin crosses $30,000 but investors remain skeptical.

Bitcoin has managed to cross the crucial $30,000 mark as the crypto market heads into June. After days of trading below $30,000 and being rejected at resistance levels, the popular crypto finally surged forward. This has sent a ripple of optimism across the market but investors remain skeptical.

At the time of writing this article, Bitcoin gained 4.66% in the last 24-hours. It is trading at $31,741, as per data from CoinMarketCap. This is the biggest gain since March 7. Ethereum leveraged BTC’s gains, changing hands at $1,991. Ether is up by nearly 6%. The major altcoins are flashing in green with significant gains. NEAR Protocol is the biggest gainer. It’s up by 18.42% and trading at $6.40. Cardano gained 13.30%. Ripple’s XRP is up by 5.03%, Wrapped Bitcoin saw gains of nearly 5%. TRON is the biggest loser. It’s down by 1.51% in the last 24-hours.

The crypto market’s peak comes after three consecutive days of gains. It achieved traction near the support level of $28,800. As such, Bitcoin managed to break through the resistance at $30,500 and surged past the $31,000 mark. Bulls will likely secure profits.

Bitcoin found momentum after the US stock market recorded gains for the first time following seven consecutive negative weeks. S&P saw the longest losing streak in over a decade, followed by a 6.6% positive performance on May 22. Experts believe a favorable batch of quarterly results from major retailers helped temporarily mitigate concerns that inflationary headwinds could take on profit margins. Moreover, JP Morgan in its research note to clients on May 25 stated that $38,000 was the fair price for Bitcoin. It said Terra LUNA’s collapse did not harm the crypto venture capital demand.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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