Bitcoin, Ethereum, XRP, and Solana Prices Look Bullish

The price of Bitcoin staged a fantastic recovery back over the $20,000 levels, and it is presently trading at $20.4k at the time of this writing. The price hit a low on June 18th at $17.7k. The story of inflation persists in light of the Consumer Price Index statistics that were released last week, which indicated a significant increase in inflation. The Consumer Price Index (CPI) data for the UK is set to be released on Wednesday (the 22nd of June), which, if it indicates a spike in inflation, could push the market to new lows.

The good news is that, according to a report by Glassnode, Bitcoin miners have stopped selling and have started their accumulation phase, which could herald a probable trend reversal within the next few months. Because it is no longer profitable for miners to sell their earnings at the prices that are currently available, miners have effectively transformed into investors. This could help put a stop to the massive selling that’s been going on for Bitcoin.

After reaching a low of $906, the price of Ethereum has managed to recover and is currently trading at $1.1k.  When it comes to the direction that Ethereum’s price will go, all eyes are on Bitcoin’s price because Ethereum’s price continues to mirror Bitcoin’s price swings. The enormous amount of liquidation that is now taking place among ETH traders is one of the factors that is contributing to Ethereum’s dramatic price swings. When it comes to the liquidation of ETH, AAVE is the protocol that is now in the lead, followed by Compound. This past weekend saw liquidations totaling over $400 million, and on June 18 alone, over 1,700 dealers were forced to close their accounts.

The good news is that liquidation appears to have slowed down, which will allow a chance of recovery for the Ethereum price as long as Bitcoin maintains its position above the $20,000 threshold. Today, XRP prices have increased by more than 3.45 percent, while Solana prices have increased by more than 11.71 percent. This week, Solana has demonstrated exceptional resiliency, as evidenced by the crypto’s accomplishment of achieving a rise of more than 35 percent in the last seven days.

Solend, a protocol based on Solana, just voted in favor of a proposal that will allow more than $20 million worth of Solana to be sold over the counter (OTC) rather than on exchanges. This will greatly reduce the bearish momentum that is now present in the markets. The proposition won approval with more than 99.8 percent of voters choosing the affirmative option and receiving more than 1.4 million votes. Only 3,535 wallets, or 0.2 percent of the total, voted against it, thus the outcome was not unanimous.

The off-exchange sale of such a large amount of tokens will provide the Solana markets with some much-needed breathing room, allowing them to continue their recovery and upward momentum despite the recent selloffs in the cryptocurrency market. The community voted to temporarily restrict the wallet of the greatest whale in order to reduce the risks of liquidation and selloff, which is one of the reasons why Solana’s price action has been so dramatic.

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