The crypto market is bouncing up along with the traditional market and is even ahead in terms of growth. Over the past day, the TOP 10 coins have been in the green zone. The total capitalization of the crypto market increased by $ 120 billion per day. However, this indicator remains below the $2 trillion threshold. Investors quickly began to buy off the fall, indicating a high interest of buyers. However, it should be understood that these may be short-term positions, and a rapid rebound in the prices of cryptocurrencies can lead to an equally rapid fixation.
Bitcoin has been adding almost 4% in the last day Bitcoin has been adding almost 4% in the last day%
The decline in the bitcoin dominance index confirms the existence of a wide demand for cryptocurrencies. This indicator is now at 41.9%, reflecting investors’ interest in altcoins. Bitcoin has been adding almost 4% over the past day and is trading around $44,000. However, so far the coin has not been able to compensate for the scale of the recent correction. Over the past 7 days, bitcoin has been losing about 9%.
The greed and fear index for bitcoin and the largest cryptocurrencies is at around 27, which corresponds to the “fear” mode. The indicator readings diverge from the growth taking place in the crypto market, however, with a high probability, the readings will level out soon. The RSI index for the BTC/USD pair on the daily chart is in the neutral zone near the “45” mark, showing moderate growth.
The share of bitcoin in the total capitalization of cryptocurrencies is 41.9% now, the share of bitcoin in the total capitalization of cryptocurrencies is 41.9% now
In general, it can be noted that the crypto market is now facing uncertainty about the future prospects, and during such periods, attention to the actions of whales is increasing. Regardless of the decline in the bitcoin dominance index, everyone understands that the locomotive of the crypto market is the first cryptocurrency.
The analytical company Arcane Research notes discrepancies in the actions of the “first whales” and “new whales of 2020-2021″. The company’s analysis shows that the “new whales” may be inclined to profit-taking, while the “first whales” prefer to accumulate on price declines. The trigger for the crypto market may be data on active sales of coins that have been without movement for about a decade.
The cryptocurrency community also suggests that now we can witness the division of the largest participants in the crypto market into several camps. Both sides are interested in maximum profit, but in the case of “long whales”, they also want to have the maximum number of coins as they approach the ceiling of the asset issue. It is this layer of investors that can now keep the crypto market from collapsing during episodes of deep corrections.