What has been happening in recent days has awakened optimism among investors and traders, considering that some of the main cryptocurrencies by market capitalization have reacted favorably and started to bounce upwards.
I say this in response to an article reported by Cointelegraph Columnist Rakesh Upadhyay who headlined that Bitcoin trades above $30,000, which led to and sparked great optimism among investors that ended up boosting the price action of ETH, ARB, VET and STX cryptocurrencies.
Namely at the time of writing this post ETH stood at $1,897.48 with a recovery above 1.2% in the last 24 hours, while ARB stands at $1.11 with 2.4%, VET reached $0.018 equivalent to a 0.8% rebound, and STX was positioned at $0.75 with an extraordinary 3.4%.
In the Bitcoin Case and according to data reported by Upadhyay "Bitcoin rose 16% this week, outperforming the S&P 500 index, which fell 1.39%, while buyers have managed to keep much of the gains made during the week, indicating that they are not in a hurry to take profits."
In the aforementioned article, it is also mentioned that "The rally in cryptocurrencies is not limited to Bitcoin and Ether. Several altcoins have rallied strongly from their respective lows, indicating solid buying at lower levels. This indicates that bearish sentiment may be waning."
Now, even though bearish sentiment may be waning it is not time to claim victory, and the ideal is to trade cautiously on any sharp moves that could leave out positions filled with excessive optimism.
SOURCES CONSULTED
Cointelegraph. Bitcoin trades above $30K, boosting traders’ interest in ETH, ARB, VET and STX. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Cointelegraph
