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<p>The crypto market has made an impressive recovery, bouncing back to a $2 trillion market cap despite recent turmoil. This resurgence is led by significant inflows and price recoveries in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Here&#39;s a detailed look at the factors driving this incredible turnaround.</p><h3 id="strong-permanent-holders-drive-demand-strong"><strong>Permanent Holders Drive Demand</strong></h3><p>Recent on-chain data reveals a substantial increase in Bitcoin accumulation by permanent holder addresses, indicating a possible shift in market sentiment. Over the past 30 days, 404,448 Bitcoin, valued at nearly $23 billion, has been moved to these addresses, suggesting a strong accumulation trend. These large holders, often referred to as whales, are known for their long-term investment strategies. Their recent activity mirrors patterns seen in previous years when similar behavior led to significant price rallies.</p><h3 id="strong-today-39-s-crypto-prices-strong"><strong>Today&#39;s Crypto Prices</strong></h3><p>Today&#39;s crypto prices have managed to retain recent gains, sparking optimism among investors globally. Bitcoin’s price is resting at the $56K mark after briefly touching $57K, while Ethereum traded around $2,500. Solana surged nearly 10% in the past 24 hours, and XRP also traded in the green. The global crypto market cap has risen by 1.66% to $2 trillion, although the total market volume has decreased by 49.85% to $104.79 billion.</p><h3 id="strong-blackrock-ethereum-etf-leads-inflows-strong"><strong>BlackRock Ethereum ETF Leads Inflows</strong></h3><p>Despite global macro headwinds, spot Ethereum ETFs have seen strong inflows, with BlackRock’s ETHA leading the pack. On August 6, the BlackRock Ether ETF netted over $108 million in inflows, with a total of $160 million over two days, placing it among the top 10% of ETF launches in 2024. Additionally, the US Federal Reserve&#39;s actions and market expectations have influenced these positive movements.</p><h3 id="strong-ethereum-39-s-bullish-momentum-strong"><strong>Ethereum&#39;s Bullish Momentum</strong></h3><p>Ethereum price started a recovery wave above the $2,350 resistance zone and is currently eyeing the $2,680 resistance level for further gains. The price is trading below $2,640 and the 100-hourly Simple Moving Average, but a steady rise is expected if it clears the $2,680 hurdle. Key resistance levels to watch are $2,720 and $2,920, with potential targets above $3,000.</p><h3 id="strong-exchange-inflows-surge-strong"><strong>Exchange Inflows Surge</strong></h3><p>ByBit, Crypto.com, and OKX have also seen substantial net asset inflows over the last 24 hours, increasing by $301.4 million, $107.8 million, and $97.7 million, respectively. These inflows indicate growing investor confidence and a strong rebound in trading activities.</p><h3 id="strong-solana-39-s-record-performance-against-ethereum-strong"><strong>Solana&#39;s Record Performance Against Ethereum</strong></h3><p>The value of one Solana token compared to one Ether token has reached a new all-time high, following a brutal market-wide sell-off earlier this week. This surge highlights Solana&#39;s resilience and growing strength within the crypto market.</p><h3 id="strong-bitcoin-39-s-path-to-recovery-strong"><strong>Bitcoin&#39;s Path to Recovery</strong></h3><p>Bitcoin price started a recovery wave above the $55,000 resistance, but it must clear the 100 hourly SMA to continue higher. Currently trading below $58,000, Bitcoin faces resistance near $57,500. Clearing this resistance could see BTC rise to $58,250 and potentially challenge the $60,000 mark. However, failure to clear $58,250 might lead to another decline.</p><h3 id="strong-90-000-rebound-target-for-bitcoin-strong"><strong>$90,000 Rebound Target for Bitcoin</strong></h3><p>Crypto trader and analyst Peter Brandt predicts a significant rebound for Bitcoin, foreseeing it soaring to new all-time highs of $90,000. Despite the recent downtrend, which saw Bitcoin crash below $50,000, Brandt&#39;s analysis suggests a potential bullish run, comparing the current market cycle to previous patterns that led to substantial gains.</p><h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3><p>The recent crypto market recovery underscores the resilience and dynamic nature of digital assets. With significant accumulation by long-term holders, robust inflows into Ethereum ETFs, and a general rebound in crypto prices, the market seems poised for continued growth. As global economic conditions evolve, the crypto market will likely remain a focal point for investors seeking new opportunities.</p><p>Source: <a href="https://icogemhunters.com/crypto-market-shocker-2-trillion-comeback-leaves-investors-stunned/" rel="noopener noreferrer nofollow">ICOGemHunters News Room</a></p>

Crypto Market Shocker: $2 Trillion Comeback Leaves Investors Stunned!

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