Cryptocurrency traders were given respite from declining market conditions on June 23, when Bitcoin’s brief rebound to $ 34,880 triggered a rally in altcoins and hope that a broader market rebound will occur if the path dictated by the Wyckoff distribution model is true .
According to data from CoinMarketCap, the cryptocurrency’s total market cap fell nearly $ 230 billion between June 20 and June 22, but the opportunity to buy the dip on the 23rd.
Bitcoin’s market cap fell $ 68 billion, or about 11% of its total value, on June 22nd, but has since made up all losses and is now actually higher than it was before yesterday’s Flash crash, at 630 billion at the time of writing U.S. dollar .
According to “CL”, a pseudonymous trader on Twitter, another reason for optimism lies in the record increase in futures open interest at Binance.
We’re seeing unprecedented growth in open interest at Binance, currently it’s at an all-time high of 57,000 BTC https://t.co/OuZX7YbukO pic.twitter.com/nSe7tq3KdX
– CL (@ CL207) June 23, 2021
Altcoins generate double-digit profits
Bitcoin’s rebound from its swing lows has been welcomed by altcoins, and data from Cointelegraph Markets Pro shows the majority of tokens are in the green today.
Cybervein (CVT) was the biggest winner to date, according to data from Cointelegraph Markets Pro and TradingView, rising as much as 112% in prices on the 24-hour chart at one point, but has since fallen to $ 0.0187, which is a Up 62% since June 22nd.
The second best performing intraday performer is ANKR, which is up 72% from $ 0.047 to $ 0.082.
According to Cointelegraph Markets Pro, market conditions were favorable for ANKR for some time before the market-wide retreat on June 22nd.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, the VORTECS ™ Score for ANKR was in the green for the week leading up to June 2nd, reaching a high of 71 on June 21st, about ten hours before the price recovered from the sell-off and rose by 72%.
Other notable performances identified by Cointelegraph Markets Pro include a pair of 25% gains from VeThor Token (VTHO) and Flow, while the market’s most popular meme token, Dogecoin (DOGE), gained 20%.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.