Bitcoin Sparks Market Recovery
If you’ve been following the crypto market, you’ll be pleased to know that Bitcoin has ignited a market-wide recovery, resulting in a 3.8% surge in the global crypto market cap and a significant spike in trade volume. Bitcoin (BTC) has recently made a strong comeback, reversing recent losses and shifting market trends. As a result, the global crypto market cap has risen to over $1.4 trillion, up 4.44% in the past 24 hours.
Traders are returning to the market, with global trade volume surging by 5.97% to $70.22 billion. BTC has surged by 4.06%, and Ethereum (ETH) is up by 2.61% within the last 24 hours, indicating an increase in buying pressure.
Santiment has confirmed this trend, pointing out a spike in activity for Tether (USDT), the dominant stablecoin in the market, with USDT’s volume reaching an 8-month high of $50 billion due to increased whale accumulation.
Whale transactions involving USDT have also surged significantly, with over 40,000 USDT transactions worth $100,000 and above being carried out weekly. This milestone was last recorded in March.
Prior Market Slump
This bullish momentum comes after a prior market slump that saw the global crypto market cap drop by over 3.5% on Nov. 14, resulting in a loss of over $50 billion in valuation within a day due to a decline in Bitcoin’s value.
Bitcoin’s sudden drop below the $35,000 territory on Nov. 14 led to significant liquidations totaling $300 million and sustained intraday losses not seen in over two months. This slump coincided with the release of the latest CPI report suggesting cooling inflation in the U.S., prompting capital flow from the crypto scene into the traditional stock market and causing global crypto trade volume to drop below $50 billion amid investor apathy.
Hot Take: Crypto Market Bounces Back
The recent surge in Bitcoin and crypto assets indicates a return of bullish sentiment after a brief downturn caused by various factors such as inflation concerns and capital movement into traditional markets. The substantial increase in trade volume and stablecoin activity suggests renewed interest and confidence among investors, signaling positive growth potential for the crypto market moving forward.
By
By
By
By
By