- The cryptocurrency market is experiencing a resurgence, driven by increases in Bitcoin
- Cryptocurrency analysis platform, Santiment, has evaluated the recent market surge and highlighted current metrics.
- According to Santiment data, addresses holding between 10 and 10,000 BTC have added over 11,000 BTC to their portfolios in the past six days.
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The cryptocurrency market is witnessing a revival, with Bitcoin’s value increases leading the charge. Santiment, a cryptocurrency analysis platform, has assessed this recent surge and drawn attention to the current market metrics. The data reveals that addresses holding between 10 and 10,000 BTC have augmented their portfolios by more than 11,000 BTC in the last six days.
Bitcoin (BTC) on the Rise Again
The cryptocurrency market has seen a resurgence, with Bitcoin, the leading cryptocurrency, briefly nearing the $26,800 mark. This has sparked a renewed upward trend in the market, with most high-market-value cryptocurrencies experiencing value increases. The total market value of the cryptocurrency ecosystem has exceeded $1.07 trillion, according to CoinMarketCap (CMC) data.
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Moreover, volatility in the cryptocurrency market has also been on the rise since the end of last week. According to Coinglass data, an average of $85 million worth of short and long positions were liquidated in the cryptocurrency market in the last 24 hours.
However, despite the rise in BTC and other cryptocurrencies, trading volumes have declined. The total 24-hour trading volume of the cryptocurrency market has fallen by an average of 8%, down to $32.4 billion, according to CMC data.
Behind the Scenes of the Cryptocurrency Market Surge
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With the value increases in BTC, most altcoins in the cryptocurrency market have also caught an upward momentum since yesterday. This surge in the cryptocurrency market has led to some cryptocurrencies recording double-digit value increases within the day.
Santiment, the cryptocurrency analysis platform that evaluated the recent surge in the cryptocurrency market, reported that addresses, often referred to as ‘whales’ in the crypto ecosystem, that hold a significant amount of crypto assets in their portfolios, have made substantial additions to their holdings in recent days. According to Santiment data, addresses holding between 10 and 10,000 BTC have added a total of 11,629 BTC to their portfolios in the last six days. The crypto analysis platform also added that the current number of wallets holding between 10 and 10,000 BTC is 156,660.
Investors should be aware of the high volatility of cryptocurrencies and the risks they carry. Transactions should be carried out based on their own research. This information does not constitute investment advice.