Crypto Holders Celebrate, Bitcoin and Co. Are Shining Even Brighter
NEWYORK – The crypto market strengthened today, Friday (20/9/2024) amidst ongoing purchases, especially in Bitcoin.
Referring to CoinMarketCap on Friday (20/9/2024) at 05:53 WIB, the crypto market strengthened. Bitcoin rose 3.94% to US$62,962.66 and was in the positive zone of 8.35% on a weekly basis.
Ethereum appreciated 5.69% in the last 24 hours and climbed 4.67% in a week.
Solana flew 8.49% daily and was in the green zone of 4.53% in a week.
Likewise, Dogecoin strengthened 2.75% in the last 24 hours and increased 1.99% in the last seven days.
Crypto Performance (9/20/2024)
CoinDesk Market Index (CMI) which is an index to measure the market capitalization weighted performance of the digital asset market rose 4.32% to 2,296.2 Open interest appreciated 8.12% to US$61.28 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com showed a figure of 44 which indicates that the market is in a neutral phase with the current economic and crypto industry conditions.
Quoted from Cointelegraph, Bitcoin (BTC) jumped above US$62,000 on September 19, exceeding the price realized by short-term holders (STH) and showing potential for further increases, according to on-chain data.
The STH realized price is a metric that calculates the average price at which short-term investors who have held their coins for less than 155 days bought their Bitcoin. This metric serves as support in an uptrend because these holders tend to buy if the price rises above their entry point.
CryptoQuant analyst Avocado_onchain explained that STH realized prices “have consistently acted as crucial support and resistance levels” for Bitcoin.
Additional data from CryptoQuant shows a spike in the Taker Buy Sell Ratio across centralized exchanges (CEXs).
The Taker Buy Sell Ratio is a key metric used by traders to gauge market sentiment and potential price movements. A ratio above one indicates that more takers are buying than selling, indicating bullish sentiment, while a ratio below one indicates the opposite.
The chart below shows that the ratio jumped from 0.93 on September 14 to 1.052 on September 16, indicating very strong buying pressure on CEXs.
Overall, the spike in the Taker Buy Sell Ratio indicates that a large number of investors are currently buying Bitcoin in the hope of further price increases. This indicates an increase in aggressive buying, a sign of potential greater bullish momentum in the short term.