Selling Pressure Eases, Crypto Starts to Rise Today
NewYork – The majority of the crypto market strengthened today, Monday (10/6/2024) amidst selling pressure which has been decreasing recently, especially towards bitcoin.
Referring to CoinMarketCap on Monday (10/6/2024) at 08:19 WIB, the crypto market strengthened slightly. Bitcoin rose 0.46% to US$69,578.5 and was in the positive zone of 2.13% on a weekly basis.
Ethereum is in the green zone 0.26% in the last 24 hours while weakening 2.54% in the week
Solana experienced an appreciation of 1.82% on a daily basis even though it fell 1.66% on a weekly basis.
Likewise, Toncoin crept up 1.82% in the last 24 hours and in the last seven days jumped 4.92%.
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Crypto Performance (10/6/2024)
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 0.44% to 2,748.74. Open interest slightly appreciated 0.04% to US$69.69 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 61, which shows that the market is in an optimistic phase regarding current economic conditions and the crypto industry.
Quoted from Crypto Potato, CryptoQuant found that selling pressure from bitcoin traders has decreased because they have finished taking profits. Currently, unrealized profit margins hover around 3%, compared to 69% at the beginning of March, and analysts expect much lower selling pressure from traders for now.
Amid easing selling pressure, demand continues to increase. The acceleration in demand for bitcoin can be seen from the recovery of inflows into the United States (US) spot Bitcoin exchange-traded fund (ETF) market.
These investment vehicles have experienced inflows for 19 consecutive days since mid-May, and recently, they have recorded inflows of hundreds of millions of US dollars.
CryptoQuant said total ETF holdings had grown from 819,000 on May 1 to more than 859,000.
Furthermore, bitcoin whales have also added more than US$1 billion to the network. This group of investors experienced a monthly demand growth rate of 4.4%, which was the fastest growth since mid-April.