- The Crypto market receives a huge pump in just one day.
- The record shows almost $2 billion in cash flow.
- Analysts on the fence if the market is still bearing or going full bull soon.
The crypto market receives a massive influx of funds all in one day. The total amounts to almost $2 billion. Specifically, it is $198.91 billion. This inflow came in right after the crypto market’s lowest records made this year.
Bitcoin, in particular, seems to be on the road to recovery. On Tuesday, the price of BTC marked the annual record low so far at under $29,000. Following back the price is back up at $33,000 to $34,000.
Accordingly, Coinmarketcap says the global market cap for crypto is up by about 8%. Some traders believe that this is the mark when cryptos will once again begin to go bullish. On the other hand, some traders believe another drop is yet to come.
On the matter of the one-day pump, many digital assets went on the up-and-up besides Bitcoin. For instance, Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) were some of the few. Additionally, other assets from the top 100 cryptos by market cap also experienced an impressive surge. Specifically, Solana 22%, Chilliz 18%, Livepeer 37%, and many more.
Bitcoin has been on the drop since Tesla’s decision to stop accepting Bitcoin payments. However, most analysts believe that a massive surge is yet to come. Although, some investors are torn between considering this as a simple price correction over an all-out bearish trend.
Some companies went all-in during the dip. For instance, MicroStrategy just bought more Bitcoin, again. On the flip side, Bitcoin is also getting a lot of attention from government bodies. One such incident would be El Salvador officially making Bitcoin a legal tender in its nation.
Besides that, many African nations have also begun taking steps to adopt Bitcoin. Additionally, Bitcoin ATMs have been gaining popularity in many parts of the world as well, sometimes with the endorsement of a celebrity.
All in all, there are many possibilities to support analysts in their reasoning behind an eventual bullish market. Meanwhile, some instances like China’s ban and other countries seizing Bitcoin miners could point to a possible bearish trend. On this matter, another analyst says otherwise.