Why Crypto Market is Up Today? Bitcoin and Altcoin Analysis
The post Why Crypto Market is Up Today? Bitcoin and Altcoin Analysis appeared first on Coinpedia Fintech News
The cryptocurrency market had a relief rebound in the past 24 hours after Bitcoin and other top digital assets invalidated a rising channel that existed YTD. According to the latest crypto market data, the total crypto market cap was up by about 2 percent to around $1.1 trillion. Bitcoin and Ethereum prices were up approximately 1.6 percent and 2.3 percent respectively in the past 24 hours.
Top Reasons Crypto Gained
A positive sign that #crypto markets will rebound is the fact that traders are increasingly referring to current market conditions as a #bearmarket. Historically, when traders show #FUD, the probability of price rises increases considerably. https://t.co/jxENgl1nNz pic.twitter.com/K8W7uAotz6
— Santiment (@santimentfeed) August 24, 2023
According to an analysis report by intelligence platform Santiment, there is always a positive sign of crypto prices rebound each time the traders increase the use of bear markets. Interestingly, the mentions of the bear market jumped to 11 weeks high, thus constituting a rebound.
Notably, the crypto market feared the possibility of Binance insolvency after rumors circulated on the internet that the exchange could be offloading its Bitcoin bag to prop BNB price. However, Binance CEO and co-founder Changpeng Zhao (CZ) told the crypto community to disregard the rumors as the exchange does not have any debt or take loans from venture capital to facilitate its operations.
Additionally, CZ highlighted that customers’ assets do not leave the exchange despite being used in staking programs through smart contracts and to facilitate leverage trading.
Meanwhile, a new Bitcoin wallet suspected to belong to Robinhood accumulated over $3 billion worth of coins. Interestingly, there are currently 156,660 wallets holding 10 to 10,000 Bitcoins, and m have accumulated about 11,629 coins worth approximately $308.6 million since August 17th.
