The crypto market started aid rally, which is no surprise after a week of red prices. However, prices have not yet recovered from the recent crash.
Nevertheless, the pressure is easing somewhat and market sentiment is becoming somewhat more positive again. Meanwhile it is whales it’s slowly picking up again, but trading volume remains low and traders are very cautious.
The total cryptocurrency market cap is up 1.5% to $1.06 trillion. Trading volume fell 3.1% to $33.4 billion. Bitcoin dominance stands at 48.3%. The popular sentiment indicator, the Fear & Greed Index, is at 41 (fear).
The Bitcoin Fear and Greed Index is at 41 ~ Neutral
Current price: $26,428 pic.twitter.com/v76lxGHj5z
– Bitcoin Fear and Greed Index (@BitcoinFear) August 24, 2023
Bitcoin Price Recovers Slightly, Whales Strike
Bitcoin (BTC) initially fell back to $25,300 before surging to a high of around $26,800. After that, Bitcoin fell slightly again, but appears to have found overnight support around $26,400 for now.
At the time of writing, BTC is trading at $26,478 on Bybit and $24,391 on Bitvavo. Bitcoin is therefore up 1.6% today.
The surge was accompanied by an accumulation of BTC among investors, the so-called whales And sharks. According to Santiment, they have bought a whopping $308.6 million worth of BTC since the crash.
🐳🦈 #Bitcoin bounced back to a high of $26.8k on Wednesday as major whale and shark addresses now collectively replenish their stacks. There are currently 156,660 wallets with a capacity of 10 to 10,000 $BTCand they’ve accumulated $308.6 million since August 17. pic.twitter.com/vuNgEER2fZ
— Santiment (@santimentfeed) August 23, 2023
However, there is still a lot of fear and uncertainty in the market, reports analyst Decentrader. That’s how the averages stay subsidy ratethe interest for futures, negative. This primarily means investors short and respond to an expected decline.
Despite moving in yesterday $BTC Price, uncertainty and fear remain in the market for now.
Average funding rates continue to slide into negative territory. pic.twitter.com/uEAUD1EEDO
— Decentrader (@decentrader) August 24, 2023
Meanwhile, analyst Keith Alan warns of Fed Chair Jerome Powell’s speech tomorrow. In the same speech last year, he caused a drop of no less than 29%. According to the analyst, there are many similarities this year with the situation in the previous year.
Do you remember when #FED Chair #Powell spoke in Jackson Hole last year and his aggressive tone elicited a 29 percent response. #BTC Landfill that took 5 months to restore? 🤮#JPow returns to #Jhole this Friday and there are some similarities between the PA we’re seeing now and the PA we’ve seen leading up to… pic.twitter.com/GqhsnSFgBz
— Keith Alan (@KAProductions) August 23, 2023
Ethereum price follows as whales also buy ETH
Ethereum (ETH) initially fell to $1,580 before surging to peak at just over $1,700. ETH price has been trying to gain a foothold around $1,675 for the past few hours and as such is up 1.7% today. Notably, since the crash last week, several whales have also amassed a lot of ETH, Lookonchain reports.
Cardano and Solana are the strongest climbers in the green crypto top 10
Polygon (MATIC) is currently suffering the most in the top 10 and recovering the least. At $0.557, MATIC is up just 0.1%. Dogecoin (DOGE) is already up 1.3% to $0.636. Tron (TRX) is up 1.4% to $0.776, fully recovering from the crash.
Binance Coin (BNB) is up 1.6% to $219.4. Polkadot (DOT) is at $4.5 and is up 1.7%. Ripple (XRP) is currently struggling around $0.53 but is still 1.9% in the green.
Cardano (ADA) has staged a slightly stronger recovery over the past 24 hours, up 3.3% to $0.268. Solana (SOL) goes one step further, up 4.5% to $21.7.
— KALEO (@CryptoKaleo) August 24, 2023
DYDX strongest climber in the crypto top 100
Not the entire top 100 turns red. Leo (LEO), Curve (CRV) and Optimism (OP) are down about 1% today. For Radix (XRD) and Rollbit Coin (RLB), that’s about 2%. However, Monero (XMR) loses almost 5% of its value, falling to $139.
On the other hand, we still have some notable climbers in the top 100. For example, Hedera (HBAR) and Immutablex (IMX) are up more than 7% today. The render (RNDR) even increases by 8.5%. Dydx (DYDX) is the big winner, re-entering the top 100 after rising more than 10%. DYDX is trading at $2.18 and has a market cap of $379 million.
$DYDX (To update)
Descending channeling in 1D timeframe✅
— ZAYK Charts (@ZAYKCharts) August 24, 2023
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