Monday morning saw the number one cryptocurrency start with a slight upward trend, and the momentum continued throughout the day.
According to CoinMarketCap, Bitcoin's maximum price reached $26,675 in the past 24 hours, with the minimum being $26,312.
The past week has proven to be rather successful for the pioneer cryptocurrency. From Thursday evening, Bitcoin surged over $1,700 in value, closing the week above the significant key level of $26,000. Last Wednesday, the coin plummeted following the conclusion of the two-day meeting of the US Federal Reserve.
As anticipated, the regulator maintained the key interest rate at the current mark of 5-5.25% per annum following the June meeting. The Federal Reserve's decision to refrain from further rate hikes can be confidently viewed as a positive signal for the crypto industry. However, the American regulator hinted that this pause would likely be temporary. In the coming months, the Fed may revert to the practice of raising the key rate, which would significantly reduce the appeal of investing in high-risk assets such as cryptocurrencies.
The Bitcoin optimism last week was mirrored by many cryptocurrencies in the top 10 by market cap, which also added solid gains.
Performance of altcoins
Ethereum, Bitcoin's main rival, also began Monday on the rise. At the time of writing, the altcoin was trading at $1,719. Regarding analysts' predictions for ETH's immediate value, they suggest that the future trend of the altcoin will depend on whether it drops below $1,600 or rises above $1,950.
Meanwhile, among the top 10 cryptocurrencies by market capitalization, Tron showed the worst performance in the past 24 hours (-2.16%), while XRP performed the best (+1.93%).
Over the past week, among the strongest ten cryptocurrencies, XRP was the biggest loser (-4.16%), while BNB gained the most (+8.36%).
According to CoinGecko, over the past 24 hours, Kava was the first in the list of increases among the top 100 most capitalized digital assets (+3.48%), while KuCoin Token topped the list of declines (-7.24%).
Over the past week, among the first hundred strongest cryptocurrencies, KuCoin Token demonstrated the worst results (-7.24%), and the best were shown by ApeCoin (+12.45%).
According to CoinGecko data, as of Monday evening, the total market capitalization of cryptocurrencies is above the significant key level of $1 trillion and amounts to $1.029 trillion. Over the past 24 hours, this indicator has increased by 0.04%.
Since reaching its peak above $3 trillion in 2021, the cryptocurrency market capitalization has lost over $2 trillion.
June is traditionally considered a reasonably good period for Bitcoin. Over the past 12 years, the digital gold has ended this month with an increase seven times and saw a decline five times. The average June increase is approximately 16.7%, while the decrease is 19.2%. If the pioneer cryptocurrency follows the average dynamics of past years this June, it could rise to $31,600, rising above April's highs, or plunge to $21,900.
Bitcoin decreased by 7.6% in May, ending the month at $27,100. In April, BTC lost nearly 10%. In March, the coin's value soared by 22.6%, showing an increase for the third month in a row amid the normalization of the banking crisis situation.
Bitcoin finished last February with an increase of 0.9%, reaching the level of $23,200. In the first month of 2023, it increased by almost 40%, making January its best month since October 2021. Notably, January to March of this year were the coin's best quarter since the beginning of 2021, and BTC became one of the most profitable assets.
The looming crisis in the traditional financial market has been the key driver of the digital currency market's growth since the start of 2023. Today, securities and bonds are going through a rather challenging period. This is precisely why we are witnessing a continuously growing desire among investors worldwide to invest in virtual currencies.
