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04/11/2024

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Crypto Market Experiences Slight Recovery As Bulls Take Centre Stage

The global crypto market has recorded a slight recovery from the previous loss during the week. Bitcoin and the majority of tokens in the market went through a significant price correction on the heels of the...

Crypto Market Experiences Slight Recovery As Bulls Take Centre Stage

The global crypto market has recorded a slight recovery from the previous loss during the week. Bitcoin and the majority of tokens in the market went through a significant price correction on the heels of the United States Consumer Price Index (CPI) data. However, the lead cryptocurrency rebounded and recovered after soaring almost 4% in the last 24 hours, consequently pushing it to trade above the $70k mark.

Other cryptocurrencies in the top ten list like Ethereum (ETH), BNB, and Solana (SOL) have spiked by 1%, 3%, and 4% respectively. Similarly, Toncoin (TON), and Cardano (ADA) have printed gains of 8% and 2% respectively. As a result, the global crypto market cap has surged by 1.15% to $2.6 trillion over the last day.

Bulls take center stage

Meanwhile, even though BTC has lost a tiny portion of the recent gains and is currently trading at around $69.7k, the activities as shown in its trading volume tell a story of the bulls taking over the market. Over the last 24 hours, the trading volume of the asset has surged by almost 12% to $35.7 billion. Its market cap has also spiked to $1.3 trillion representing a 2% increase within the recorded time.

The emotions of investors, measured by the crypto fear and greed index, suggest that the positive sentiment in the market continues to blossom as its value points towards 76, signifying an ‘extreme greed’ bull market situation. This positive trend follows the clamor of traders to “buy the dip.” Users on social media platforms alluded to price declines brought on by macroeconomic issues and advised purchasing the dip before the halving.

In hindsight, thanks to inflows towards ETF products, the price of Bitcoin reached its all-time high of $73,835.57 on March 14. Bullish traders banded together to stack up BTC during the dip before the next upswing. The US inflation rate increased to 3.5% on April 10 according to the CPI, casting doubt on the anticipated interest rate reduction.

As we await the Bitcoin halving scheduled to take place on April 18, investors are closely watching the price of the asset, looking for the next breakthrough.

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