Crypto markets are consolidating their recent gains, today, July 3, as data from Coin360 shows, with Bitcoin (BTC) trading above $6,500. Markets took an upswing starting June 30, and have since stabilized their growth, with most of the top coins seeing small gains and losses on the day to pres time.
Market visualization from Coin360
Bitcoin is trading currently around $6,560 at press time, down just 1.5 percent over the 24-hour period. The leading cryptocurrency has seen an intraday high of $6,687, holding comfortably above the $6,300 resistance level, which Fundstrat’s Robert Slyumer earlier this week said would be crucial for gaining momentum to reverse its recent downtrend.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
Top altcoin Ethereum (ETH) is trading around $464 to press time, down 2.4 percent over the past 24 hours. The coin say an intraday high of $484.5, and is up about 4 percent on the week.
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
On CoinMarketCap’s listings, the top ten coins by market cap are seeing mixed reds and greens, most are showing only minor percentage gains and losses.
Ripple (XRP) is significantly out-performing other major altcoins, seeing a solid 3 percent gain over the 24 hours to press time, trading at $0.49.
Ripple’s relatively strong growth comes despite increasing competition in blockchain-powered platforms that target interbank solutions. Earlier today, European blockchain trading platform we.trade confirmed it had completed its first live operations today between five major banks and twenty firms, using IBM’s Blockchain Platform, underpinned by Hyperledger Fabric.
XRP seven day chart from CoinMarketCap
Total market capitalization of all cryptocurrencies is at around $268.3 billion at press time, up a significant 15 percent from an intra-weekly low of $232.6 billion June 29.
Total market capitalization of all cryptocurrencies from CoinMarketCap
Positive news has been forthcoming this week from The European Parliament, whose new report advised lawmakers not to “ban” or “ignore” cryptocurrencies, forecasting that they “will remain with us for a while.” The report praised crypto global transaction networks as being “relatively safe, transparent, and fast,” and characterized cryptocurrencies” as “a contemporary form of private money.”
With the markets’ vigorous rebound in late June and current consolidation, many will be eyeing the response of institutional investors.
Just yesterday, major U.S. crypto exchange and wallet provider Coinbase announced that its digital assets custodian solution for institutional investors had launched, secured through an SEC-compliant and FINRA-member independent broker-dealer.
Coinbase had previously said it believes the right services and investment instruments for the crypto space could “unlock $10 billion of institutional investor money sitting on the sideline.”