Did Uptober Clam Down in a Hurry? Is There Any Reason to be Optimistic About the Crypto Markets?
The post Did Uptober Clam Down in a Hurry? Is There Any Reason to be Optimistic About the Crypto Markets? appeared first on Coinpedia Fintech News
As is obvious, the bears managed to stall the ongoing uptrend by extracting profits at minor jumps. This behaviour points towards the fear circulating among the market participants, as they are unsure whether the upswing within the markets may sustain itself or not. This has constantly hindered the progress of the markets, giving a free hand for the bears to trigger a pullback each time.
Nevertheless, the traders continue to remain optimistic about the upcoming market trend. The main reason is the whales, who are constantly accumulating regardless of the current direction of the rally. As per the data from Santiment, the exchanges have also recorded a 6-year low volume apart from growing whale accumulation.
October started with a bang, and then calmed down in a hurry. But there is reason to be optimistic with whale accumulation and the supply on exchanges at about a 6-year low. Check out our latest monthly report, and read what to be on the lookout for. https://t.co/54wxJqU4q6 pic.twitter.com/2VJO5ofY9u
— Santiment (@santimentfeed) October 3, 2023
The data also suggests the ratio of daily on-chain transaction volume in profit to loss (BTC) has been rising slowly since the last few days of September. Some of the altcoins have reached the opportunity zone, while others like Litecoin, Loom Network, Maker, Stroj, etc. have recorded extreme overbought levels. Hence, they could be subjected to a healthy pullback soon.
Overall, the market conditions continue to remain stable as the bulls appear to be a little exhausted after elevating the market capitalization from $1.08 trillion to $1.11 trillion. Even though major tokens like Bitcoin price and Ethereum price have slumped by nearly 3%, the larger perspective remains bullish.
Filed under: Bitcoin - @ October 3, 2023 8:12 am