Crypto Market Rebound! The Start Of Bullish Cycle Or Another Correction Imminent?
The post Crypto Market Rebound! The Start Of Bullish Cycle Or Another Correction Imminent? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The digital coin market has turned about from the price suppressing momentum as coins from the crypto space initiate to rebound. Numerous cryptocurrencies have registered appreciable greener numbers. The distinctive move by the market has brought cheer amongst traders and investors in the crypto street.
Meanwhile, sections do ponder over the possibility of the rise being short-lived. As the market cycles are turning longer than expected. Consecutively, popular crypto analyst hints at a short-term market bounce.
Should Traders Play Safe?
The crypto street is rising at an appreciable rate, the market cap of the space is up by 7.0% at $2,746,714,145,610. While the dominance of the star crypto is at 40.4%. Most of the leading cryptos have been registering good numbers. Bitcoin is up by about 4.6%, Ethereum by 6.2%, Solana by 9.9%. ADA and XRP by 5.2% and 5.1% respectively. The above-mentioned stats are however from press time.
While folks from the industry praise the bullish leg-up, sections are expecting another correction. Consecutively, the crypto analyst believes that we are in for a short-term bounce on Bitcoin. And the market is very well aware of altcoins following the traits of the leading crypto.
In addition, sources suggest that the largest 1-hour Tether inflow to exchanges of the entire year occurred on Thursday. With over 771.6 M USDT that was transferred to exchanges. In just about 6-hours time, 454 M USDC was then transferred to exchanges, which is a 4-months high. The movement of stable coins to exchanges signals a massive trader initiative to buy the dip.
The largest 1-hour #Tether inflow to exchanges of the entire year occurred Thursday. At 8am UTC, over 771.6m $USDT was transferred to exchanges. Then, just 6 hours later, 454m $USDC was then transferred to exchanges, a 4-month high of its own.
https://t.co/WJ0qkPRc7R pic.twitter.com/xhMIG6qCS5
— Santiment (@santimentfeed) November 20, 2021
Collectively, the forecast of a short-term bounce does seem justifiable, as the market has been witnessing lengthening cycles. We might encounter another pullback along the path. While traders are optimistic about BTC price claiming the $100,000 milestone. Crypto proponent highlights that for BTC to hit $100,000 by year-end, it needs to gain around 1.1% a day.
