The cryptocurrency market seems to be operating positively as Bitcoin (BTC) surpasses $50,000 and Ethereum (ETH) gets closer to $1,700. This shows there are bulls ready to buy the dip as it happened in recent weeks. The main question remains open: will the bull market continue?
Bitcoin and Ethereum Lead the Market
The entire cryptocurrency market has moved higher during the weekend. We have seen how digital currencies moved higher during the weekend allowing investors that entered the market on Friday to be in the green region right now.
Bitcoin, Ethereum, Uniswap (UNI) and Litecoin (LTC) are now leading the market. These are the digital currencies that are now registering the largest gains among the top 10 in the last 24 hours.
Bitcoin has moved by 3.09%. Ethereum has registered a price increase in the last 24 hours of 6.12%. Uniswap, one of the largest Decentralized Finance (DeFi) currencies moved higher by 7.80%. Litecoin, instead, surged by 2.30%.
We have also seen an increase in the number of holders of some altcoins. According to a recent report released by Santiment, there are different digital assets that have also been added to investors’ portfolios in recent weeks.
For example, Yearn.Finance (YFI), Enjin (ENJ), Crypto.com Coin (CRO) and Decentraland (MANA) have been some of the most accumulated coins in recent days.
It is worth taking into consideration that the Blockchain analytics company Glassnode released a report in which they inform that most of the users that purchased Bitcoin in 2021 didn’t sell them. This shows that despite the recent price drop from $58,000 to $43,000 has been an opportunity for users to buy the dip.
This shows that there is still a positive sentiment in the cryptocurrency market. This could certainly help the digital currency move higher as institutions continue to place their investments in BTC. Several companies such as MicroStrategy are not speculating on the price of Bitcoin, but instead, holding their coins for a longer period of time.
Finally, the Stock-to-Flow (S2F) model released by the cryptocurrency analyst PlanB, shows that Bitcoin could continue growing in the future. Indeed, the largest cryptocurrency could eventually reach a price per coin of around $100,000 in the near future.
At the time of writing this article, Bitcoin is being traded close to $50,500 and Ethereum is just $25 away from reaching $1,700. Litecoin, instead, is holding the $187 level and the entire market could continue growing in the near future.