The crypto market has been sluggish for several months now. The recent rise suggests a favorable and rapid outcome to this situation. Are we finally witnessing the end of the bear market and at the start of a new bull run?
+20% on ETH, the crypto market is picking up
This end of October has some nice surprises in store for us and gives hope to crypto investors for the year 2023.
For a week, the course of cryptocurrencies is on the rise and the general mood in the market looks promising.
BTC, the queen of cryptos, gained nearly 8% in just 1 week. The token had been sailing below $20,000 for several months and could not cross this fateful threshold.
While the momentum expected after The Merge was aborted, it was at the end of October that the Ether token regained pre-Merge levels.
In effect, Ethereum went back over $1,500 for a while before starting a decline.
The two crypto market leaders are not the only ones to regain color. The market as a whole seems to be waking up from a long hibernation.
Thus, the TotalCap shows an increase of 7.5% over the last 7 days. An increase that allowed it to regain levels lost in mid-September.
The volumes also exploded above 150 billion. By way of comparison, the latter fluctuated between 65 and 95 billion at the beginning of October.
Why is the crypto market on the rise?
This good news raises the question of “why this general increase?” “.
There are actually several reasons, of which here are the three major ones.
The first comes from traditional finance. Indeed, the world markets, in particular the american marketare plagued with reassuring and positive news.
the Nasdaq for example, saw itself take 6% in 5 days, with a gain of 671 points, before retracting, however, retaining 1.76% over one week.
The observation is the same on a good part of the stock indices.
This increase in the market as a whole is due to the publications of the companies which for the most part exceed the consensus planned.
However, it remains very relative and the next meeting of the EDF risks disrupting this revival of the crypto market for good or bad.
The second reason turns us to whales, these top crypto investors holding large amounts of tokens.
The latter triggered a massive buying phase, particularly on Ethereum.
Finally, this overconfidence investors is also due to the British advance in terms of crypto market regulation.
In fact, part of the British parliament voted this week by a majority in favor of ” treat the cryptocurrencies like other forms of financial assets“.
This advance has not yet been adopted and must continue its British legislative path. However, it marks a new milestone in the mass adoption of cryptos and paves the way for further measures on a global scale.
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Crypto market on the rise: the end of the bear market?
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