Cryptocurrency News & Updates

Bitcoin, Shiba Inu, Algorand Up as Cryptomarket Rises on Positive Investor Sentiment

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Cryptomarket positive sentiment from investors drives upwards Bitcoin, Shiba Inu and Algorand

Based on Santiment, sentiment among traders has changed to a positive direction as Bitcoin increased to $50K. Shiba Inu and Algorand are increasing in the past 24 hours, as the whole cryptocurrency market is rebounding.

Bitcoin is the biggest cryptocurrency according to market capitalization has climbed to a peak of $51,527 for the very first time since December. 8 when positive investor sentiment swept through the traditional markets ahead of the holiday season.

The On-chain Analytics firm Santiment talks about the essence of support for $50K expectations for a rally to continue increase.

With the #Bitcoin price returning to $51k and the mood of traders has returned to a positive territory. It is expected that $50k has been viewed as psychological support that makes traders more positive when they are above the threshold and skeptical when it is below. https://t.co/HLuy1TbDdH pic.twitter.com/R58ZXNIvjS

— Santiment (@santimentfeed) December 24, 2021

Alternative cryptocurrencies, often referred to as ”altcoins have risen thanks to investors’ optimism. The price of Ethereum has increased by 3.41 percent, with a cost of $4,000. The dog-themed asset Shiba Inu increased by over 7% to reach intraday highs of $0.00004.

The Algorand platform allows smart contracts. The consensus algorithm is based on proof of stake (PoS) as well as an Byzantine contract protocol. The native asset of Algorand, ALGO, is up 12.26 percent to $1.53.

“Fear” gradually disappears

The cryptocurrency fear and greed index shows a rising market sentiment. As of press time the index is 41/100. Even though it is still describing “fear the worst,” this is a significant increase from last week’s “extreme fear.”

According to IntoTheblock in/out of cash in and out of money 74.31 percent from Bitcoin users are in cash at the moment of $50,975. The range between $51,260 and $54,300 is the next major hurdle for Bitcoin to overcome before it re-tests the $60K mark.
A lot of Shiba Inu holders are in the pocket according to on-chain data from IntoTheBlock analysis, following the latest increase. Today 59 percent of Shiba Inu holders are in the black. The next important barrier is likely to be found between the $0.000041 to $0.000044 range.

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