Bitcoin, the ultimate mover of the Cryptocurrency market, has started to regain its position by trading above US$45,000. In the 24-hour period, Bitcoin was up by 1.5% and currently charging towards US$46,000. Its next target is US$50,000.
Asher Tan, CEO of CoinJar, a crypto exchange opines, "we were seeing many investors taking advantage of recent market movements by taking profits." He added, "There's a trend of conservatism among users who jumped into crypto around similar price levels earlier in the year, with users slightly trimming their holdings."
Compared to previous months, Bitcoin's daily volume across major crypto exchanges seems to be flat.
Janine Grainger, co-founder of Easy Crypto agrees with the same. She said, "While the recent price movements have seen an increased amount of activity in the markets, trading volumes globally are nowhere near where they were the last time the price was at $45,000 – they're much lower."
It is an evident trend that new investors are cautiously navigating through the market volatility, especially after witnessing Bitcoin's price drop at 50% from US$56,700 to US$30,000 in over a week. In contrast, seasoned investors are actively investing in altcoins, the preferred choice being Ether followed by Cardano, Stellar, and Solana.
Many altcoins in the top 20 cryptocurrencies by market cap are, in fact, performing better than Bitcoin while DeFi cryptos are trading surpassing their expectations, up by 6% to 90%.
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