Long-term investors come to the rescue as the last 24 hours bring positivity to the markets.
In a positive turn of events, Bitcoin and other markets rallied, witnessing encouraging participation from long-term investors bullish on crypto. Analysts evoked mixed signals but underlined the importance of buyers to continue supporting the markets. As stated by many experts, the momentum is required to be sustained well into 2023 to generate bullish trends.
The overall crypto market capitalization also rose to almost $864 billion but stayed well below the $1 trillion mark. Many economists, industry executives, and governments voiced the urgency of stronger regulatory norms in the recent past owing to many such incidents of bankruptcies and investigations against prominent exchanges around the world. Professional traders also admitted that the lack of definite regulations led to more market uncertainty and volatility. Supporters of crypto remained unperturbed by crypto losses in 2022 but also wished for more transparency in the industry.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,400 on November 29, 2022, with BTC/USD up by 1.54% in the last 24 hours. While BTC/USD is still trading below its 20-day EMA (17,417.70), other altcoins also witnessed positive trends in the last 24 hours along with BTC.