- The mass mentality that was extremely pessimistic a few months ago is turning bullish on the crypto market.
- According to sources, 30% of the volume on Coinbase came from Ethereum (ETC).
- Coinbase has also seen a major jump in the crypto market.
Bears become bulls
The crypto market has been hectic this quarter. First, we experienced some of the biggest crashes in cryptocurrency history. These include Bitcoin and Ethereum, the two most prominent currencies in the global crypto market, which have collapsed by 70% from their all-time highs in October 2021. Since then, we have seen a tremendous shift in consumer behavior. The mass mentality that was extremely pessimistic a few months ago is turning bullish on the crypto market.
Bitcoin is finally gaining momentum on the charts. This is proven by Bitcoin’s 12.36% growth spurt over the past five days. As of this writing, Bitcoin is trading at $23,401. In the last 24 hours, it is up 6.4%. It’s not just about the coins; The recent shift in investor perception is also having an impact on Wall Street. Take Marathon Digital Holdings as an example. This tech company specializing in crypto mining saw a three-fold increase in trading volume. Marathon’s share price went from $8.83 to $9.82. That’s a price increase of 22% in just 24 hours.
Highest jump in the crypto market
According to sources, a large percentage of the volume on Coinbase came from Ethereum (ETC), 30% to be exact. Also, the trading share of BTC was 20%. Coinbase has also seen a major jump in the crypto market. This is evident from their stock value, which is up more than 9% to 59%, according to the NASDAQ. This comes despite the company telling its affiliate marketers that it was time to shut down the program.
Polygon’s MATIC shows the highest increase in the crypto market. Any ideas? Well, you might be surprised that the daily increase in the stock price is 22% in just 24 hours. This gives investors great hope for the future of Bitcoin and cryptocurrencies as we know them.
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