The crypto market has taken a bullish turn for July 1st, starting off the second half of the year with a bang. Bitcoin (BTC) is up by 2.62% today, leading an upward surge.
Ethereum is up as well, gaining 2.08% so far for the day, with Solana (SOL) one of the biggest gainers with its 2.80% increase. Much of the market is up today, marking a strong start to the month and the possible beginnings of a bullish trend.
Bitcoin had been hanging around the $60K level until it started turning upward, now pushing toward $63,000. Ethereum likewise was down to $3,250 on June 24th but is now up to $3,481 (ETH/USD).
Crypto tokens Toncoin, Dogecoin, and XRP are all up as well, pulled by Bitcoin’s strong performance today as well as the wider market’s positive sentiment. Is this the start of a bullish trend or just a price correction after market lows?
What Is Causing the Rebound?
Some analysts point to historical behavior from Bitcoin as a sort of reason why the market is rebounding. They say that the data shows Bitcoin will tend to climb after a low June and that the coin could end up much higher throughout the rest of the year than it has been for the first half of 2024.
Others say we are seeing a pause in the bearish trend but not the start of a strong bullish trend. Instead, we are simply seeing a price correction that could itself correct after a couple of days. We have yet to see any solid proof that a bullish trend has begun, despite the upswing today.
Solana and Ethereum have both trended up for a few days now, performing well off recent ETF news for their respective coins. We may see further ETF news that will help push them even higher in the coming weeks.