After 9 Negative Weekly Closes…Bitcoin Rally to 3-week High
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Answer After 9 Negative Weekly Closes…Bitcoin Rally to 3-week High
Bitcoin price has closed negatively for the past nine weeks and in a row.
However, the currency changed direction with the beginning of the new week, and is still on its way to recovery, as it managed to add another $30 billion to its total market capitalization.
Bitcoin rises to its highest level in 3 weeks:
Bitcoin price has managed to chart an additional gain of 3.15% over the past 24 hours, and at the time of writing, Bitcoin is trading at around $31,500 (as per the coinmarketcap platform).
As shown in the chart above, the current bitcoin price is the highest since May 11, just before the massive market plunge that followed the collapse of the entire Terra crypto project.
Read:Urgent: Recording the highest inflation rate in the United States in 40 years and the Bitcoin currency negatively affected!
Bitcoin dominance is still above the 46% level (Bitcoin dominance is the metric that measures the share of Bitcoin for the entire crypto market) meaning it has remained fairly stable over the past 24 hours.
This indicates that the base cryptocurrency and the altcoin market are moving in tandem.
Cardano is up 26% and altcoins are in green:
The most dominant and rising cryptocurrency among the top ten in the past few days has undoubtedly been Cardano.
ADA’s price is up over 50% in three days, and its price is up nearly 30% in the last 24 hours alone.
Also there are plenty of other cryptocurrencies that have charted notable gains.
The price of the digital currency NEAR is up 9% on the day, the price of XLM is up about 7% and so on.
The coin that gained the most profit in the last 24 hours is the digital currency WAVES which is up nearly 50%.
Overall, overall market sentiment has improved over the past 24 hours.
Data from the Crypto Fear and Greed Index shows that the number is currently pointing at the 16 level, up from the 10 recorded yesterday.
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However, the indicator still indicated a state of “extreme fear”.
Read also:
Some Terra users received less LUNA coins than expected
Bank of America CEO: We are in no hurry when it comes to cryptocurrency
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