Bitcoin made the largest green candle since October, indicating that the market has turned bullish.
Other virtual currencies have followed Bitcoin‘s recent Bullish path and are now trading in the green, erasing the losses they suffered in previous weeks.
Bitcoin Reaches Its Highest Level in Weeks
Bitcoin is presently trading at $41,400 and has a market capitalization of $785 billion, according to CoinGecko data. The virtual currency has risen by more than 10% in only 24 hours, indicating that there has been a big inflow of purchasers who have pushed the price of Bitcoin higher.
The favorable aspect of this recent price movement is that Bitcoin and other digital currencies had a gloomy week, with the price of Bitcoin briefly approaching $36,000. The market was beginning to turn pessimistic, and some investors predicted that the digital currency would fall closer to $30,000 rather than $40,000.
Other cryptocurrencies, including as Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Polkador (DOT), and Terra (LUNA), followed suit after this price increase. Polkadot (12.8 percent), Avalanche (12.5 percent), Binance Coin (12.2%), and Solana (12.2%) were the top 20 gainers in the previous 24 hours (10.2 percent ).
With the exception of Maker (MKR), which lost 3.2 percent in the previous 24 hours and was the worst-performing digital asset among the top 100, there are no cryptocurrencies in negative territory. Stablecoins either stayed the same or lost ground against their fiat counterparts. As a result, a number of investors have switched from stablecoins to cryptocurrencies.
The Dread and Greed Index for Bitcoin is presently at 33 points, indicating fear. This is the highest point in the last few months. The market was in severe fear last month with a 15-point sign, extreme fear last week with a 24-point indicator, and extreme dread yesterday (20 points). In a few hours, there might be a fresh update with a better result for Bitcoin.
Will Bitcoin continue with this bullish trends
The issue is whether this is only a market bounce or if the rising trend will persist. This question has no obvious solution, as things can alter at any time. Regardless of the technical analysis, there are a number of basic aspects of Bitcoin and digital currencies that should be considered.
We’ve seen how the cryptocurrency market has been heavily connected with traditional financial markets in recent months. The bitcoin sector has been weakened as a result of this. Bitcoin was formerly an uncorrelated asset, but the situation has altered due to rising institutional involvement in the crypto business.