Did the crypto market bottom this week? — Here’s what the data shows
Bitcoin is chasing $60,000, and altcoins are showing modest gains today. Does that mean the crypto market has bottomed?
Bitcoin’s (BTC) relief rally has seen it rise 21% above the Aug. 5 bottom of $49,577. The recovery has also been witnessed across the broader crypto market, with the total market valuation reclaiming the $2 trillion level, up 20.5% since Aug. 5.
Market participants are now looking for clues on whether the crypto market has bottomed and begun the early stages of a trend reversal.
Some analysts believe that investors are holding onto their positions until the Federal Reserve decides on interest rate cuts during the next FOMC meeting scheduled for Sept. 18.
Bitcoin is chasing $60,000, and altcoins are showing modest gains today. Does that mean the crypto market has bottomed?
Bitcoin’s (BTC) relief rally has seen it rise 21% above the Aug. 5 bottom of $49,577. The recovery has also been witnessed across the broader crypto market, with the total market valuation reclaiming the $2 trillion level, up 20.5% since Aug. 5.Market participants are now looking for clues on whether the crypto market has bottomed and begun the early stages of a trend reversal. Some analysts believe that investors are holding onto their positions until the Federal Reserve decides on interest rate cuts during the next FOMC meeting scheduled for Sept. 18. Read more