The cryptocurrency market extended its recovery, with total market capitalization rising to $2.2 trillion as the latest rally resumed after a brief pause.
The advance has established a gradual uptrend since July 8, forming part of a broader recovery that began from the lows recorded in late June.
IOTA, Aave, and Zcash led the gains among the most actively traded cryptocurrencies over the past 24 hours, climbing 7.9%, 6.8%, and 6.7%, respectively.
Meanwhile, Tron, Theta Network, and Hedera ranked among the weakest performers, although their losses were relatively modest, highlighting the broad-based nature of the market’s gains.
Market capitalization climbs to $2.2 trillion as Bitcoin tests $64,000
Bitcoin has returned to trade near recent local highs around $64,000, with buyers showing increasing interest whenever prices retreat toward the $62,000 area.
Analysts view Bitcoin’s resilience as a constructive signal for the broader cryptocurrency market, although significant resistance levels remain overhead.
They also believe that thinner liquidity over the weekend could pave the way for a breakout above $66,000 if improving technical signals continue to attract risk-oriented investors.
Ethereum faces key resistance near $1,800
Ethereum’s recovery, however, has slowed after reaching the 50-day moving average near $1,800 at the beginning of the month.
The area has become an important technical level after acting as a turning point for prices last month and serving as a major support zone in February.
ETH/USD has yet to confirm a decisive breakout from its downtrend following the rebound from June lows, as the previous support level has now turned into strong resistance.
Analysts say that holding above the 50-day moving average, currently around $1,770, would provide a bullish short-term signal, while a break above $1,800 would confirm the start of a more sustained upward trend.
Market data: Bitcoin remains below realized price as stablecoin liquidity declines
Glassnode reported that Bitcoin has traded below its realized price of $76,600 for nearly five months.
The analytics firm noted that extended periods below the realized price have occurred only a handful of times in Bitcoin’s history and have often preceded the formation of long-term market bottoms.
Meanwhile, CryptoQuant said USDC reserves on Binance declined 21.6% over the past month, while Ethereum recorded unusually large one-day USDT outflows.
Analysts believe the decline in stablecoin liquidity is reducing the market’s buying power and increasing the potential for higher volatility.
Separately, US Commodity Futures Trading Commission (CFTC) Chairman Michael Selig described Bitcoin as “one of the most resilient assets,” noting that it has repeatedly weathered major crises and regulatory crackdowns.
He argued that Bitcoin should be treated as a commodity, similar to gold, silver, and oil, while urging the US Congress to move quickly on the proposed CLARITY Act.
In industry developments, BitGo is preparing to launch new quantum-resistant Bitcoin wallet tools for institutional clients in the coming weeks. The offering will include address risk assessments, automatic migration of funds from vulnerable wallets, and a new unspent transaction output (UTXO) selection mechanism.
Robinhood Chain DEX also recorded a milestone, reaching $564 million in trading volume just one week after launch, driven by strong demand for meme coins.
The network, built on Arbitrum’s Layer 2 infrastructure, is focused on real-world assets (RWAs).
Overall, the cryptocurrency market continues to recover, with total market capitalization reaching $2.2 trillion and Bitcoin holding near $64,000. Ethereum, however, continues to face strong technical resistance around $1,800 as investors await a decisive breakout above key resistance levels.
