According to cointelegraph: on June 17, the capitalization of the crypto market increased by more than 2% to $1.05 trillion, up almost 7.5% from the $975.25 billion low seen two years ago. hours ago.
Bitcoin surged to $26,452, which now accounts for almost 50% of the crypto market, having recovered 8.5% from its June 15 low of $24,750. Meanwhile, the largest cryptocurrency Ether is sitting at $1,725, up more than 9% over the past two days. Last week's worst performers, Solana tokens with $16, Cardano tokens with $0.266 and Polygon tokens rose to $0.6073, also recovering 8-15% over the same period.
Interestingly, the crypto market cap started to recover a day after its daily relative strength index (RSI) dropped near 30, indicating it is almost "oversold". From a technical perspective, the oversold RSI should prompt a price recovery or consolidation, as illustrated below.
Blackrock Bitcoin ETF Rumors
In addition to the technical recovery, the growing speculation surrounding the approval of the first Bitcoin ETF in the United States has helped the crypto market to recover. Notably, BlackRock, an investment firm that manages $9.5 trillion in assets, filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF on the 16th. July. In its history, the company has applied for 576 ETFs and has only been rejected once.
Crypto market outlook for H2 2023
From a technical perspective, the crypto market has been oscillating inside a bullish flag pattern since April 2023, which raises the prospect of a continuation of the rally.
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