The market value of cryptocurrency recovered to $76B, and altcoins rebounded after Bitcoin reached $34K

On June 23, due to Bitcoin (Bitcoin) The short-term rebound to $34,880 triggered a rebound in altcoins, and it is hoped that if the Fed follows the path set by the Federal Reserve, the market will experience a broader recovery. The Wyckoff distribution model is correct.

According to data from CoinMarketCap, between June 20 and June 22, the total market value of cryptocurrencies dropped by nearly $230 billion, but on June 23 it successfully recovered about $76 billion in value and is now $1.365 trillion. , Because some traders think this correction is a bargain hunting opportunity.

The total market value of cryptocurrencies. source: CoinMarketCap

Bitcoin’s market value fell by $68 billion on June 22, or about 11% of its total value, but it has since recovered all losses and is now actually higher than before yesterday’s flash crash, which is 6,300 at the time of writing. One hundred million U.S. dollars.

According to the anonymous trader “CL” on Twitter, further reasons for optimism can be found in the record surge of open positions in Binance Futures.

Altcoins get double-digit gains

Bitcoin’s rebound from lows is welcomed by altcoins and data Cointelegraph Markets Pro Shows that most tokens today are green.

According to Cointelegraph Markets Pro and Transaction viewThe biggest increase so far is Cybervein (CVT), whose price once soared 112% on the 24-hour chart, but has since fallen back to $0.0187, a 62% increase since June 22.

CVT/USDT 4-hour chart. source: Transaction view

The second-best performing stock during the session was ANKR, which rose 72% from $0.047 to $0.082.

According to the data from Cointelegraph Markets Pro, ANKR’s market conditions were favorable for a period of time before the market correction on June 22.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and Twitter activity.

VORTECS™ score (green) and ANKR price. source: Cointelegraph Markets Pro

As shown in the figure above, ANKR’s VORTECS™ score remained green for the week before June 2 and reached a high of 71 on June 21, approximately 72% ten hours before the price rebounded from the sell-off and rose.

Other notable performance identified Cointelegraph Markets Pro Including VeThor Token (VTHO) and Flow’s 25% revenue, and the most popular meme token on the market Dogecoin (dog) Rose by 20%.

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