Bitcoin, Shiba Inu, Algorand Up as Cryptomarket Rises on Positive Investor Sentiment
According to Santiment, sentiment from traders has shifted back into the positive range as Bitcoin climbed above $50K. Shiba Inu and Algorand are up in the last 24 hours as the entire crypto market rebounds.
Bitcoin, the largest cryptocurrency by market capitalization, rose to highs of $51,527 for the first time since Dec. 8 as positive investor sentiment spread through the traditional markets ahead of the holidays.
On-chain analytics firm Santiment speaks on the essence of the $50K support as expectations for a fresh rally mount.
🥳 With #Bitcoin back over $51k, the sentiment from traders has shifted back into positive range. As expected, $50k has become somewhat of a psychological support level, where traders become optimistic when above this threshold, & skeptical when below. https://t.co/HLuy1TbDdH pic.twitter.com/R58ZXNIvjS— Santiment (@santimentfeed) December 24, 2021
Alternative cryptocurrencies, referred to as ''altcoins,'' rose on investors' optimism. Ethereum's price is up over 3.41% at a present price of $4,084. Dog-themed asset Shiba Inu rose more than 7% to mark intraday highs at $0.00004.
The Algorand platform supports smart contracts, and its consensus algorithm is based on proof-of-stake (PoS) and a Byzantine agreement protocol. Algorand's native asset, ALGO, is up 12.26% at $1.53.
''Fear'' gradually vanishes
The Crypto Fear and Greed index reflects improving market sentiment. At press time, the index measures 41/100. Although still characterizing "fear,'' this represents a significant rebound from last week's ''extreme fear.''
According to IntoTheblock ''in/out of money,'' 74.31% of Bitcoin holders are in the money at the current price of $50,975. The $51,260 to $54,300 range constitutes the next significant barrier for Bitcoin to cross ahead before retesting the $60K mark.
More Shiba Inu holders are in the money according to on-chain signals from IntoTheBlock analytics following the latest rise. Presently, 59% of Shiba Inu holders are in profit. The next significant barrier will be seen in the $0.000041 to $0.000044 range.Source