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Buyers Have Returned To Cryptocurrencies

By FxPro Financial Services Ltd (Alexander Kuptsikevich)CryptocurrencySep 23, 2021 08:51AM ET
www.investing.com/analysis/buyers-have-returned-to-cryptocurrencies-200602865
Buyers Have Returned To Cryptocurrencies
By FxPro Financial Services Ltd (Alexander Kuptsikevich)   |  Sep 23, 2021 08:51AM ET
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The cryptocurrency market is bouncing upward along with the traditional market and is ahead of the scale of growth. Over the past 24 hours, the top 10 coins were in the green zone. The total capitalization of the crypto market increased by $120 billion during the day. Nevertheless, this indicator remains below the threshold of $2 trillion. Investors began to buy on the fall rather quickly, indicating a high demand. However, it is worth understanding that these may be short-term positions, and a rapid rebound in cryptocurrency prices may lead to equally quick profit-taking.

Bitcoin gains almost 4% in last 24 hours
Bitcoin gains almost 4% in last 24 hours

The decline of the Bitcoin dominance index confirms the presence of widespread demand for cryptocurrencies. This indicator is now at 41.9%, reflecting investor interest in altcoins. Bitcoin has added almost 4% over the past 24 hours and is trading around $44,000. Nevertheless, so far, the coin has failed to offset the scale of the recent correction. Over the past 7 days, Bitcoin has been losing about 9%.

The Crypto Fear & Greed Index for Bitcoin and major cryptocurrencies is at 27, corresponding to the "fear" mode. The RSI index for the Bitcoin on the daily chart is in the neutral zone near the "45" mark, showing moderate growth.

Bitcoin's share of total cryptocurrency capitalisation is 41.9% now
Bitcoin's share of total cryptocurrency capitalisation is 41.9% now

The crypto market now faces uncertainty about prospects. And in such periods, there is increased attention to the actions of the BTC whales. Regardless of Bitcoin's declining dominance index, everyone understands that the first cryptocurrency is the main engine of the crypto market.

Arcane Research, an analytics company, notes a divergence in the actions of the "first whales" and the "new whales of 2020-2021." The company's analysis shows that "new whales" may be prone to profit-taking, while "first whales" prefer to accumulate BTC on price declines. The trigger for the crypto market may be data on active coin sales, which have been unmoved for about a decade.
 
The cryptocurrency community also speculates that we may now be witnessing the division of the most prominent participants in the crypto market into several camps. Both sides are interested in maximizing profits, but in the "long whales," they also want to own as many coins as possible as they approach the asset issue ceiling. This type of investor can now keep the crypto market from collapsing during episodes of deep corrections.

The FxPro Analyst Team 

Buyers Have Returned To Cryptocurrencies
 

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Buyers Have Returned To Cryptocurrencies

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Comments (3)
Bobby Jr
Bobby Jr Sep 25, 2021 12:11AM ET
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Hey, when The Crypto Fear & Greed Index is at its lows, "Fear" or even better "Extreme Fear", is a great indicator telling us we are either "Close To" , or that "We Are At", "The Bottom" and it's time to Buy. Cause as the great ole stock saying goes -- "when there's blood in the street, buy, especially if it's your own". In my opinion those will be the cheapest buying opportunities you'll get. Just like how the huge market drop in March 2020 due to Covid was a huge buying opportunity across all markets.
SUNDAY OLABISI
SUNDAY OLABISI Sep 24, 2021 4:29PM ET
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good news
Atoyebi Confidence
Atoyebi Confidence Sep 23, 2021 5:33PM ET
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Hello
SUNDAY OLABISI
SUNDAY OLABISI Sep 23, 2021 5:33PM ET
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