The crypto market has once again experienced a solid uptrend, recording a 4% increase and a market cap of $ 2 trillion.
This spike was driven by two major crypto crushing powers, Bitcoin (BTC) and Ethereum (ETH), each up 5% to approach their all-time high.
At the time of writing, Bitcoin (BTC) is trading at $ 60,608, up 4.14% with a market cap of $ 1.132 trillion. Earlier today, it was traded at $ 61,035, up 4.85%. This indicates that the BTC price has safely surpassed $ 61,000 levels for the first time after reaching an all-time high on March 14.
Today’s move was on cards, according to Santiment, the on-chain data provider. In his study, Santiment stated that the crowded mood for Bitcoin (BTC) and Ethereum (ETH) fell into negative territory in the first week of April. The data provider stated:
“The crowded mood towards Bitcoin and Ethereum has fallen into extremely negative territory, with BTC remaining below $ 60,000 and ETH falling below $ 2,000 this week. Historically, buying at this FUD (fear, uncertainty, doubt) level was a “bullish” opportunity. ”
Santiment is referring to the financing rates of BitMEX permanent contracts for the first week of April in his study.
Describing the chart above, Santiment says: “When the bars are high, greed occurs (a good time to sell). When it is low, the shorts are paying for a long time, indicating that fear is starting. (a good time to buy) ”
This can be seen as a good opportunity to enter the market, as we can see from the declining funding rates due to increased fear, uncertainty and suspicion. Bitcoin’s recent price action has also proven this idea, a similar situation is the case for Ethereum (ETH).
With the latest developments, it turned out that corporate activity in Bitcoin continues to remain high even at these price levels. Recently, Third Point, a $ 17 billion hedge fund, announced that it has held Bitcoin for a while.