Ethereum

Memecoin

PEPE

<ul>
 <li>Cryptocurrency market is slowly recovering from last week’s bearish sentiment.</li>
 <li>Ethereum trading volume is up 12% in the past 24 hours.</li>
</ul>
The cryptocurrency market has been grappling with bearish sentiment since late June, pushing Bitcoin to a five-month low below $54,000 and Ethereum to a two-month low under $2,820 last week. The global market cap dipped below $2 trillion, and many altcoins hit yearly lows with significant double-digit declines.
In the past 24 hours, however, there has been a slight recovery. The global crypto market cap now stands at $2.12 trillion, marking a modest 0.46% increase from the previous day. Trading volume has risen by 4.41%, totaling $81.58 billion. Bitcoin dominance has slightly decreased to 53.56%.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXe5BBWz7G-zKPXz2swgRp1yZ0ZpxQiqgVbU6iEVuHS9pahic8RSS08Ushx7V4EkL_BN4rIq5z0yzSehVr-1UZLwTThaqzaPzW-d8XBDeE70xJR5oWREmsCGZn_xesHb9w6E-nuiSQCj_SgUDCVb5OJqy4Le?key=U7uSbOSKhK8FhVWLH5iilQ" alt="">
 <figcaption class="wp-element-caption">
 Crypto Market Price Treemap, Source: Santiment
 </figcaption>
 </figure>
</div>
<a href="https://thenewscrypto.com/digital-asset-investments-soar-as-bitcoin-dominates-amid-price-dip/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> saw a recovery to $57,800 in the past day but is currently experiencing a 0.23% decrease, trading at $57,526, with a 4% increase in trading volume. Ethereum has increased by 1% over the past 24 hours, with a 12% rise in trading volume. <a href="https://thenewscrypto.com/meme-coins-are-bouncing-back-amidst-market-fluctuations/" target="_blank" rel="noopener noreferrer nofollow">Memecoins</a> such as BRETT, BONK, and PEPE have shown notable recovery, leading the gainers today.
Despite this modest recovery, lingering panic from recent days still affects traders. The market remains in a state of fear, exacerbated by news such as the commencement of <a href="https://www.mtgox.com/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox</a>‘s massive return of $2.6 billion in Bitcoin to creditors and the German government’s unexpected movements involving 3,673 BTC ($207 million) accumulation and subsequent transfers.
<h3 class="wp-block-heading" id="h-can-traders-remain-hopeful">Can Traders Remain Hopeful?</h3>
Amidst these developments, analysts are cautiously optimistic about the cryptocurrency market’s future. On-chain data indicating high miner profitability historically signals the potential end of correction periods within bull markets.
Similar movements observed in 2024 suggest that while the exact end of this adjustment period is uncertain, a bullish rally in the third quarter of 2024 seems plausible. Additionally, positive news regarding an <a href="https://blockworks.co/ethereum-etf" target="_blank" rel="noopener noreferrer nofollow">ETH ETF</a> could alter the narrative positively.
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What Can Traders Look Forward To As the Market Slowly Revive?

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