The post 4 Reasons Why the Crypto Market Is Up Today? appeared on BitcoinEthereumNews.com.

November is the most bullish month of the year, with the Coinglass monthly Bitcoin returns report indicating a +36.29% increase, which is more than 3x the Uptober. The same stats would have been even higher if the crypto market had not witnessed a crash yesterday, but that has changed today. The bulls have returned to the higher side, pushing the Bitcoin price back to $95.7K from the earlier drop of $91k. That simple crash became concerning, as the investors were already scared of the possibility of the Thanksgiving Day Massacre, which pushed the Bitcoin price down by 17% within a few hours in 2020. However, the market has a different plan, as all cryptos are painted green on the heatmap. Why is the Crypto Market Up After the Earlier Drop? With a small setback, the market has returned to its earlier conditions. As a result, the global market cap is at $3.31T after a 3.11% surge. Even the fear and greed index has shifted higher towards ‘extreme greed,” and all major cryptos are in green, including Ethereum, which is at $3.6k after a 5% surge, Solana at $239 after a 2.6% surge, XRP at $1.48 after 6% surge and much more. Although this is a part of the industry where consolidation happens after major rallies, followed by recovery, there are four more reasons behind this crypto market rally. 1. FOMO Sentiments Returning To The Crypto Market With Bitcoin hitting $91k, the demand for buying increased as people awaited the drop around Thanksgiving and Black Friday. It is because historical trends indicate a significant surge past these festivities. In this period, everyone focused on the token, some with excitement while the rest in fear. Regardless, Google Trends reached an ATH for the first time since May 2022. It clearly indicates the…

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Filed under: News - @ November 28, 2024 11:20 am