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Crypto markets are on the rise and Bitcoin (BTC), which accounts for more than half of the market value, is among the big winners. Most BTC trades were against currencies and against the stable currency, Tether (USDT), suggesting that some investors are starting to look for safe haven values for riskier digital badets.
This could be a sign that confidence is returning to the market.
The crypto-currency of origin is in gradual slope since yesterday. Bitcoins traded at $ 3,600 on Sunday afternoon (GMT) and opened Monday slightly higher at $ 3,660. This trend began to accelerate just after noon: Bitcoin started in the afternoon at $ 3,742 and in the space of two hours it grew from nearly $ 100 to $ 3,833. dollars.
Bitcoin had reached $ 3,840, giving it a market capitalization of $ 67.48 billion at the time of writing.
A significant amount of activity took place between BTC and Tether. The data collected by CryptoCompare highlights that the largest BTC markets are those with Tether pairs. At the time of going to press, they were worth $ 1.08 billion.
BTC transactions against the US dollar also increased significantly. More than $ 105 million has pbaded through Bitfinex's servers since yesterday afternoon and more than $ 46 million by Coinbase during the same period.
Is this a long-term trend?
The momentum is accelerating and if it continues, Bitcoin could break the $ 4,000 mark today. It's a high bar to jump, a bar that will probably push the BTC even higher.
But what must be remembered from today's price movement is that investors buy Bitcoin, not with other crypto-currencies, but with fiduciary currencies and stablecoins. This shows that there is at least a consensus in the market that value would be better served in BTC than elsewhere.
Part of the gain could be a cynical ploy to exploit the higher prices, then convert back to when BTC starts to stagnate or go down. The rise in prices was not clearly motivated, suggesting that commercial activity could simply be based on short-term speculation. In this case, the market price could be dissociated from the value and therefore unsustainable in the long run.
Despite the recent price movements, no gold cross is still visible. But other technical indicators show that confidence could come back slowly. The MACD, which gives more weight to recent price trends than the older ones, went green for the first time since January 6th.
Market sentiment is difficult to quantify, let alone project accurately on a graph. But the fact remains that investors are investing in Bitcoin. Significant volumes from fiduciary currencies and stable currencies suggest that investors are regaining their confidence.
The author invests in digital badets, including BTC, mentioned in this article.
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