Bitcoin (BTC) back above $21,000 after sharp sell-off

Cryptocurrency Bitcoin (BTC) slipped to a new yearly low of $17,567 this past Saturday, June 18, before the buy side managed to propel BTC price back above the psychologically important $20,000 mark. The second-largest cryptocurrency, Ethereum (ETH), also came under more pressure and temporarily slipped below the important price level of USD 1,000. The ether price subsequently fell back to USD 881. Only here did the bulls come back into the market and heave Ethereum to currently USD 1,179. The trigger for the massive price drops was not only the interest rate hike by the US Federal Reserve, but also the increasing default risks of several lending platforms such as Celsius.

Will the hoped-for recovery on the overall market now follow?

Since both Bitcoin and Ethereum worked off important price targets on the bottom over the weekend, courageous investors took advantage of the significant price drops in some cryptocurrencies and grabbed them courageously. In the short term, the lows from the weekend are likely to have marked a historical low. The broad-based price recovery of the US stock indices in the first hours of trading on Tuesday afternoon is also currently having a supportive effect. The entire crypto market is benefiting from a significant recovery in US tech companies.

Price developments of the top 10 altcoins:

• Topping the list this week is Solana (SOL), the cryptocurrency rallied 36 percent week-on-week after selling to the central support zone around $27.00. In the short term, new bullish price targets of USD 44.37 and USD 58.49 are now in the focus of investors. You can find a current course analysis with additional targets here.
• The memecoins Dogecoin (DOGE) with a price increase of 27 percent and Shiba Inu (SHIB) with a price jump of 34 percentage points can also recover significantly. The DOGE price once again benefits from supportive statements by Tesla founder Elon Musk, who again signaled his support for Dogecoin. Shiba Inu, on the other hand, is trying to shed its memecoin status by launching the Shibarium layer 2 solution, apparently with initial success.

Reversal formations are taking shape

• Polkadot (DOT) also appears to be bottoming out. With a weekly increase of 16 percentage points, Polkadot can move noticeably north from its historical low of USD 6.40 to currently USD 8.18. A first important price target for Polkadot can be found in the area of ​​USD 12.50.
• Cardano (ADA) and Ripple (XRP) also broke from their lows for the year in the last few trading days and each rose by around 9 percentage points in value.
• Only the two top dogs Bitcoin and Ethereum show a price drop of 4 percent (Bitcoin) and 2 percentage points (Ethereum) in a 7-day comparison. Investors seem to see the strong price drops in altcoins from the second and third tier as more worthwhile at the moment.

Stability of the top 10

• Bitcoin’s price stabilization above the psychologically important USD 20,000 mark has generated strong buying interest in the entire crypto market in the last 48 hours of trading.
• The vast majority of the top 10 altcoins benefited from this countermovement.
• All of the top 10 altcoins bounced north from relevant support levels and are likely to continue this recovery move, at least in the short term.
• After 10 weeks of trading with some severe price corrections, the crypto market seems ripe for a recovery movement.

Many altcoins have corrected 95 percentage points

• The fact that the altcoins of the key cryptocurrency Bitcoin have recently been able to snatch significant market shares again indicates an increasing demand for oversold cryptocurrencies. The majority of the top 10 altcoins corrected 85 to 95 percentage points from their all-time highs. A technical counter-movement therefore seems more than overdue.
• Looking at the ranking of the top 10 altcoins, there is a change of place to report. Shiba Inu jumps two places north, pushing past Tron (TRX) and Avalanche (AVAX) in ninth place. Avalanche slips back to 11th place among the 10 largest cryptocurrencies after months.

Total market capitalization based on values ​​of Cryptocap shown

Winners and losers of the week

• The entire crypto market is able to recover significantly from its sell-off over the past weekend. The total market capitalization meanwhile fell to a new annual low of USD 762 billion. On Tuesday afternoon, however, it is trading a good 20 percentage points above its low at USD 920 billion.
• Accordingly, the vast majority of the top 100 altcoins are seeing a week-on-week price increase.
• More than half of the top 100 cryptocurrencies are showing double-digit price increases on a weekly basis.

Winners and losers among the top 100 altcoins

• The long list of weekly winners is led by Celsius (CEL), which, thanks to the support of the CEL community, gained more than 100 percent in value today and is even up 316 percent in a 7-day comparison.
• Other cryptocurrencies from the area of ​​decentralized finance (DeFi) are also increasing significantly in value. TitanSwap (TITAN) with a price increase of 80 percent, followed by Synthetix Network (SNX) with a 63 percent increase in value stand out positively here.
• The list of underperformers is led by a clear margin by Chain (XCN), which shows a price drop of 36 percent, followed by DeFiChain (DFI) with a 23 percent price correction. The in-house token of the crypto exchange KuCoin (KCS) also loses slightly in value with a 6 percent price discount.
• If the key crypto currency Bitcoin (BTC) continues to stabilize in the coming trading days, the overall market should also continue to recover from its historical lows.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.94.