So far, the global crypto market has struggled to maintain a consistent uptrend. Instead, it has been exhibiting mixed movements, with fluctuating levels of bullish and bearish activity.
Over the past two weeks alone, the global crypto market cap has plunged to as low as $1.69 trillion, then surged to $2.13 trillion before sitting at a valuation of $2.023 trillion at the time of writing.Despite the market’s unpredictable behavior, renowned crypto analyst Javon Marks hasOn the social media platform X , Marks observed a recurring pattern in the total crypto market cap, reminiscent of previous cycles that precipitated substantial rallies.
This potential upcoming phase could herald a season of robust growth, echoing past rallies that benefitted multiple cryptocurrencies across the board.However, how literal could this prediction be? To know that, it is worth looking at Bitcoin itself, the flagship cryptocurrency that often sets the tone for the broader market.
A ratio of 1.76 suggested that Bitcoin might be undervalued at press time, a level which historically aligns with potential bullish momentum.Moreover, an increase in Bitcoin whale transactions—or transfers exceeding $100k—signals growing interest from large-scale investors.from IntoTheBlock, there has been an uptick in whale transactions, rising from less than 12,000 on the 11th of August to over 17,000 as of press time.
Such transactions indicate activity that could either stabilize the market or prepare it for the next phase of severe volatility.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »