Santiment names condition for the start of bull crypto market
On November 24, bitcoin reached its highest since May last year
28.11.2023 - 10:57
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The material is not an investment recommendation and is published for information purposes only.
What’s new? Experts of the analytical company Santiment pointed to the growth of the correlation between the cryptocurrency and stock markets. Thus, in November, bitcoin, Ethereum, and the S&P 500 index grew by an average of 9,2%. The increased correlation was recorded after BTC traded in a narrow price range for two weeks without showing any noticeable fluctuations. If bitcoin continues to rise ahead of stocks, it will again break the correlation, which, according to historical data, is one of the factors for the formation of a bull crypto market, the company said.
What else is known? A day earlier, Santiment noted that bitcoin traders have started to take profits. This is indicated by a slowdown in the growth of the number of wallets with a positive balance. From November 23 to 27, the indicator increased by only 0,25%, to 50,91 million wallets. Thus, on November 24, the rate of the first cryptocurrency reached $38 300 for the first time since last May.
Following the previous rally of the asset, which began on October 23, more than 1,5 million new wallets with a balance of less than 1 BTC were created. At the same time, later, the active supply of bitcoin fell to a five-year low: only 30% of coins moved over the year.
In turn, the head of the investment company ARK Invest, Cathie Wood said that bitcoin has already entered the phase of the bull market: this is allegedly confirmed by key value and network metrics.
Reuters journalists, citing blockchain analysts and officials, reported that the bitcoin blockchain is being used less and less frequently by terrorists to raise funds because of its low speed and high fees.
As of November 28, 10:40 UTC, BTC is trading at $37 063 on Binance, having added 0,04% overnight.
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