The cryptocurrency market has shown significant upward movement on June 27, with the total market capitalization rising approximately 0.8% over the past 24 hours to reach $2.28 trillion. This surge has been driven by notable gains in top-ranking coins such as Bitcoin (BTC) and Ethereum (ETH), which have seen increases of around 0.5% and 2.6%, respectively, on the same day [8edf9bb0].
A primary driver of today's crypto market gains is the resurgence in inflows into U.S.-based spot Bitcoin exchange-traded funds (ETFs). After experiencing seven consecutive days of outflows, these investment products have seen a reversal with net inflows of $31 million on June 25 and $21.3 million on June 26. Van Eck, a pioneer in the ETF space, has filed for a new Solana ETF, following its successful launches of the first Ethereum ETF in 2021 and spot Bitcoin ETFs in the United States [8edf9bb0].
From a technical standpoint, the crypto market has shown strength with a rebound from support levels around $2.172 trillion. The total market capitalization broke above the upper boundary of a descending parallel channel during the recovery on June 27, suggesting a potential breakout from previous downtrends. Analysts anticipate further upward movement towards the $2.56 trillion area, contingent on overcoming resistance zones between $2.30 trillion and $2.35 trillion where major exponential moving averages (EMAs) converge [8edf9bb0].
Improving sentiment in global markets today can also be attributed to the release of U.S. Q1 gross domestic product (GDP) figures, which slightly exceeded expectations at 1.4%. The ongoing developments in ETF approvals and market structures highlight the maturation of cryptocurrency markets, offering new avenues for capital deployment and portfolio diversification [8edf9bb0].
Ethereum has gained 3.2% in the past 24 hours, reaching an intraday high of $3,514. The increase in price is attributed to the liquidation of $20.4 million worth of Ethereum shorts, outweighing the $1.87 million worth of longs liquidated during the same period. The approval of U.S. spot Ethereum ETFs is another event being closely watched, with revised filings requested by the SEC. Spot Ethereum ETFs are expected to start trading in mid-July. The total cryptocurrency market capitalization has increased 3.6% to nearly $2.5 trillion, with $81 million worth of shorts liquidated across all assets. LayerZero and Ethereum Name Service were the top gainers, while Kaspa saw a downtick of 6% in the past 24 hours. [5cb520f2]