The crypto market has risen by a huge margin in the last month, and research shows long-term crypto holders to be one of the contributors to the rally.
The crypto market witnessed net gains in the last 24 hours as Bitcoin made a recovery from its stagnant trading range. It shot past $35,000 yet again as bulls made another attempt for consolidation. As the macroeconomic outlook for the global economy is stable for now relatively, crypto holders could be expecting further rallies. On the other hand, public equity markets also saw an uptrend with an improvement in the global macroeconomic outlook.
Crypto bulls still have an edge over BTC currently. The momentum has slowed down slightly, but the support levels are still rigid. Demand for BTC futures and options has seen a steady increase with the focus on two key events. Firstly, the spot crypto ETFs could be on the horizon. Secondly, the Bitcoin halving event of 2024 has also driven sentiments recently.
Meanwhile, a recent research report by Glassnode indicates an increase in the number of long-term crypto holders. “BTC supply is extremely tightly held, which is impressive given the strong price performance YTD. With the halving expected in April, and positive momentum around a spot ETF in the US, the coming months are shaping up to be exciting ones for Bitcoin investors,” said the report.
BTC/USD 1D price chart
Bitcoin is currently trading at around $35,200 on November 8, 2023, with BTC/USD trading higher by a margin of 1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (32,236.93), as BTC’s 24-hour volume was at around $18 billion.
As the macroeconomic outlook of the world improves, crypto could emerge as a strong asset class for investors! Join Millionero to start crypto trading and build your path towards financial freedom!