Crypto Market Gains In-flow of Over $88B Within Seven Days
Crypto Market Gains In-flow of Over $88B Within Seven Days
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- The global crypto market cap has grown by $88B in seven days.
- Ethereum, ADA, and DOGE gained over 14% in the last 24 hours.
- ETH whale wallet that had been inactive for six years moved $22.2 million to an empty wallet.
The bullish predictions of crypto analysts like the CEO of CryptoQuant are coming to pass gradually as the global market is on track to crack the one trillion dollar price point.
The crypto market capitalization has grown by over $88 billion within the last seven days, from $908 billion to $996.68 billion. Bitcoin (BTC) appreciated by 7.12%, adding over $700 to cross the $20k price point. Ethereum (ETH) and other top coins, such as Cardano (ADA) and Dogecoin, have gained over 14% in the last 24 hours.
Beforehand, crypto analysts expressed great conviction that the previously passive crypto market would become lively given various indicators. Last week, Ki Young Ju, CryptoQuant’s boss, said that the signs of a bearish trend reversal were becoming intense and that it was time to take the facts seriously.
Furthermore, Young Ju highlighted that the whales and large institutions were accumulating BTCs and that the Bitcoin mining rate was reaching an all-time high even though it was less profitable.
In the last 24 hours, the crypto community has been awash with calls for the end of the bear market. A crypto enthusiast with a relatively large following on Twitter said that history is about to repeat itself given the current market chart pattern.
#Bitcoin Bottom AnalysisAccording to Bollinger Bands Breakout Oscillator the bottom is in. Based on the few datas we have, each time line starts to flatten, bottom was in.History just repeated itself. #Bullish #BTC pic.twitter.com/56XjDnfVw4
— Titan of Crypto (@Washigorira) October 24, 2022
In other news, Santiment, the market intelligence platform, revealed that an Ethereum whale wallet that had been inactive for the past six years moved $22.2 million worth of ETH to an empty wallet. Consequently, ETH’s price jumped to over the $1,500 price point, the first time in six weeks since the blockchain’s migration to proof-of-stake.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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