Market Wrap: Cryptos Recovering Fast with Altcoins in the Lead

Bitcoin (BTC) and other cryptos stabilized on Thursday last week as buyers started moving from the sidelines. 

Other cryptos were on the lead. WAVES was particularly notable, bouncing with 6% return in the previous 24 hours. However, ETH and BTC were flat, compared to 3% rise in AAVE and 4% in PancakeSwap.

Janet Yellen, the US Secretary of Treasury, said that the digital dollar might ultimately become trusted money like actual cash. Although she did not provide a personal take on the crypto niche, she acknowledged opinions from skeptics and proponents of blockchain technology. She also insisted on the need for assessing involved risks. 

The Latest Prices

A closer look into BTC trading in various exchanges on Thursday would indicate low conviction among enthusiasts despite the stabilization. 

In the Bitcoin futures market, the trend was different. Short liquidations had a slight uptick, and buy volumes were on an uptrend on Thursday. This suggests a moderately bullish trend, which is good for short term trading.

Miners Gearing Up to Accumulate More 

According to Glassnode, a crypto data provider, miners sell some of the newly mined coins to meet the production costs, resulting in bearish pricing pressure. Once miners surrender the coins, the price stabilizes, and the next phase of accumulation starts. 

Theoretically, new markets step in to reach an equilibrium following extreme swings. 

By averaging difficulty for various coins, it is possible to pinpoint when miners’ buying and selling pressure aligns with BTC’s turning price. In most cases, a bearish signal happens when short-term moving averages converge and cross under a long-term moving average. The reverse is true when there is a bullish signal. However, there are instances when the price lag can be noted by a few months.

Altcoin Summary

  • TitanSwap Token (TITAN): The price soared by 101.79% following the announcement of its listing on the Bithumb digital marketplace in South Korea. 
  • Tera backers purchased USD200 million in AVAX tokens. Terraform Labs (TFL) and Lunar Foundation Guard (LFG) announced they collectively purchased USD 200 million worth of AVAX tokens. 
  • Metis Andromeda wow welcomes the Graph: Metis, one of the renowned decentralized economy platforms that commence and runs decentralized applications, announced its merger with the Graph. Graph is an indexing protocol that runs like IPFS and Ethereum.

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