• Bitcoin (BTC) is trading 1.4% up at a price of $23,050 and a market cap of $443 billion.
• Aptos led the rally in altcoin space jumping by more than 40% in a day amid huge whale accumulation.
• CryptoQuant CEO Ki Young Ju believes that the selling pressure is unlikely to resume since no one would want to sell at these levels at a loss.
The cryptocurrency market is once again on the rise, with Bitcoin (BTC) leading the way. After a brief dip, BTC has risen back above $23,000 and is currently trading at $23,050, with a market cap of $443 billion. This surge in the value of Bitcoin has been accompanied by a rally in the altcoin space, with Aptos leading the way. The altcoin jumped by more than 40% in a day amid huge whale accumulation.
This surge in the value of cryptocurrencies has been met with cautious optimism by analysts and investors alike. CryptoQuant CEO Ki Young Ju has noted that Bitcoin has entered an early bull phase, with most investors still underwater on their investments. Ju believes that the selling pressure is unlikely to resume since no one would want to sell at these levels at a loss. He also added that BTC whales have been holding their supplies strongly even during the current price pump.
Despite the overall bullish sentiment in the market, there are still risks that investors should be aware of. Ju notes that there may still be bankruptcies, mergers and acquisitions, and capitulations in the next few months, and that investors should remain cautious. Nonetheless, the current market conditions seem to be favourable for long term investors, as whales continue to hold on to their supplies.
Overall, the cryptocurrency market is showing signs of recovery, with Bitcoin leading the way. While there are still risks to consider, the current market conditions appear to be favourable for long term investors.