BEAM Leads Altcoin Movers with 25% Monthly Jump
The crypto market is showing strong signs of recovery, with the global market cap climbing above $3.8 trillion, up over 3% in the last 24 hours.
While Bitcoin has gained nearly 2%, Ethereum and several altcoins are leading the way. Ethereum has jumped over 6%, reaching close to $3,900. Coins like Dogecoin, Cardano, and Solana are also seeing bigger gains compared to Bitcoin.
So, what’s Bitcoin’s role in this? To understand why altcoins are moving, you first need to see what Bitcoin is doing. Here’s our latest report on the BTC rebound.
Gaming Token BEAM Jumps 14%
One token catching serious attention in this rally is BEAM, which has jumped nearly 14% in the past 24 hours and is up 25% over the last month. Currently trading around $0.00757, BEAM touched a 24-hour high of $0.00773 before pulling back slightly.
The recent bounce came from an important support zone, and the early signs of a new uptrend are starting to show. Some analysts believe BEAM could be setting up for a bigger rally in the coming months.
What’s Fueling the Rally?
After recovering from its June lows, BEAM’s price is now eyeing to retest the important $0.01 level. If it breaks that, it could signal a shift in market momentum, with the next target around $0.021. If the gaming narrative heats up again, BEAM could be one of the key tokens to watch.
“A project with incredibly strong fundamentals and huge potential, definitely an overlooked leader in the gaming narrative,” the analyst said describing BEAM.
The Bigger Picture: Altcoins Are Waking Up
BEAM’s surge isn’t happening in a vacuum; it’s part of a broader market shift, according to analyst Michaël van de Poppe. He explained that Bitcoin has returned to its previous trading range, and as it moves up, altcoins are likely to rise even more.
Many altcoins have made higher lows, which could lead to a sharp move in prices. The total value of the altcoin market is staying above a key resistance level. Van de Poppe said a large amount of money could enter the market in the second half of the year, possibly pushing the altcoin market cap to between $3 trillion and $5 trillion.
Poppe added, “The markets are accumulating on altcoins and that’s why it’s interesting to look at opportunities.”
Trillions from where? That $5 trillion prediction needs fuel; the source being new ETFs. CoinEdition has covered BlackRock’s next moves.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Powell: Employment is weakening, inflation remains high, and no one is talking about rate hikes now
Powell pointed out that the U.S. labor market is cooling, with hiring and layoffs slowing down and the unemployment rate rising to 4.4%. Core PCE inflation remains above the 2% target, but service inflation is slowing. The Federal Reserve has cut interest rates by 25 basis points and started purchasing short-term Treasury bonds, emphasizing that the policy path needs to balance risks between employment and inflation. Future policies will be adjusted based on data. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its generated content are still in the process of iterative improvement.
$RAVE TGE Countdown: When Clubbing Becomes an On-Chain Economic Activity, the True Web3 Breakthrough Moment Arrives
RaveDAO is rapidly growing into an open cultural ecosystem driven by entertainment, becoming a key infrastructure for Web3 to achieve real-world adoption and mainstream breakthrough.
A "hawkish rate cut" that's not so "hawkish," and balance sheet expansion that's "not QE"
The Federal Reserve has cut interest rates by another 25 basis points as expected, still projecting one rate cut next year, and has launched an RMP to purchase $40 billion in short-term bonds.
Trending news
MoreCrypto prices
More
