Last week, 114,000 BTC tokens were moved from the Crypto exchange platforms signaling increased investors’ confidence in Crypto. Following the decreased supply and an increase in buy orders as investors rushed to buy the dip, the BTC and Altcoin prices are starting to rebound.
The latest Coinmarketcap data shows that BTC is trading at $21,000, representing a 24-hour surge of 2.88%. Due to the daily recovery, the weekly losses have been reversed, and there is a 7-day compounded growth rate of 0.65%.
With the dominance of Bitcoin remaining unchanged at 43%, the entire Crypto market is in the greens as BTC transactions increase market activities. If the trend continues, BTC may recoup the market capitalization level of $1 trillion over the weekend. At the time of writing, the aggregate market cap is at $936 billion, and the growth rate is rising.
Market Volumes Are Dipping
Despite the short-term market rally, BTC daily volumes dipped by 10% in the last 24 hours. This shows that the balance of supply and demand is in favor of sellers, which is the factor behind the short-term rally.
Consequently, the confidence levels in BTC pairs are increasing at a meteoric pace, and all indicators predict that a support level of $20,000 has been firmly established. Some of the best-performing Bitcoin pairs with the highest liquidity levels are the BTC/USDT, BTC/BUSD, and BTC/USD.
Ethereum Is Showing a Strong Rebound
The Crypto winter has significantly dipped the ETH value. Between May 30, 2022, ETH lost over half its value by plummeting from a peak of $1,991 to the current price of $1,141. This is a significant recovery considering that ETH hit a yearly low of $897 on June 18, 2022, and a market correction may have established a new level of support at $1,000. Following the recovery, ETH has grown by 4.65% week-on-week, and the day-on-day growth has been an impressive 4.8%.
The adoption of Ethereum Blockchain and the native ETH tokens might experience further growth, especially after eBay acquired KnownOrigin. The firm supports the creation of NFTs built on the Ethereum protocol.
The Altcoins Are Also Rallying
The third-largest Cryptocurrency, Tether, is also in the green. The Stablecoin is trading at $0.9993, having grown by 0.02% in the last 24 hours, which compounds its 7-day gains to 0.03%.
In the meantime, the supply of USDT on Crypto exchanges such as Huobi is rising, according to a report by Santiment. This shows that the adoption of USDT is at an all-time high, especially because USDT is an ideal means of payment. It is popular because it is not volatile.