28 Jul

The cryptocurrency market digest (BTC, SOL). Overview for 28.07.2023

July 28, 2023

By RoboForex.com

The BTC rate on Friday stood at approximately 29,229 USD.

Each new attempt by BTC to rise becomes increasingly difficult. The overall fundamental background appears quite calm, lacking spark. The technical picture is more pessimistic. According to seasonal cycles, the current phase is bearish.

Investors are unable to capitalise on the buying impulse in the US stock market due to decreased correlation with indices and stock exchanges. There is not enough news generated from the cryptocurrency market for a confident move into positive territory.

The cryptocurrency market capitalisation remains at the level of 1.180 trillion USD. The share of BTC has decreased to 48.2%, and the share of ETH reached 19.1%.

SOL has recovered after a decline in June

The value of the Solana (SOL) token has recovered after a 41% drop in June. The trigger for the sell-offs was the claims made by the US Securities and Exchange Commission (SEC) against the company. The SEC deemed SOL to be an unregistered security.

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“Whales” are accumulating bitcoins

According to CryptoQuant, large holders of digital assets are accumulating coins while the market remains in a sideways range.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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