Bitcoin (BTC) Steadies beyond $38K; What Might Trigger Further Upswings

Bitcoin and the cryptocurrency industry show some strength at the moment, following a massive bloodbath early on the month. The past few hours witnessed BTV regaining its position beyond the $38,000 value level.

While publishing this article, Bitcoin traded a 1% high at $38,162, with its market capitalization hovering at $723 billion. Also, Ethereum recorded upside actions, wavering at $2,600. Data from Santiment indicates traders remain skeptical regardless of the pullback.

It added that the negative sentiment might fuel further price increases. Another data shows that BTC prices rising beyond the Bitcoin Fear & Greed Index eased from ‘extreme fear’ levels to ‘fear.’

Meanwhile, Glassnode reveals that institutional investors continue dominating the BTC on-chain activity. It reported over 65% of transactions are higher than $1 million in value. Meanwhile, institutional players began dominating in 2020 October when Bitcoin price hovered at $10,000 – $11,000.

The Altcoin Market

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On the other side, the on-chain data analytic platform reported ETH’s address activity maintains sustained levels regardless of the crash early this month. It noted that Ethereum ended the week reclaiming the $2,550 mark. Meanwhile, Ether’s active address remains steady as Bitcoin closes the week with a remarkable push.

The upswings in Ethereum and Bitcoin initiated surges in other tokens. Chainlink records an impressive rebound following a massive 50% correction early on the week. While publishing this content, LINK traded at $17.35, following a 7% increase in 24 hours. The alt’s market capitalization stood at $7.9 billion.

Cardano whales loaded their bags as the assets saw correction recently. Santiment stated that ADA plummeted like most tokens within the last ten days, losing 35% of its value. Nevertheless, large wallets holding from $10,000 to $1 million ADA tokens own 113% more since the 17 January price drop, accumulating about $53.6 million in $ADA.

The global crypto market capitalization witnessed a 1.37% surge to $1.73 trillion. Meanwhile, the crypto volume saw a 99.8% decrease to $57.84 billion.

What are your opinions on the current crypto market condition? You can comment below.

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