, the leading cryptocurrency by market value, has gained nearly 27% this month, registering its most significant single-month percentage rise since January.The indicator powered by CryptoCompare tracks real-time data of more than 5,300 digital currencies and categorizes tokens by their trends on aAt press time, just 4.7% of tokens are in a strong downtrend, the lowest since January. It shows market breadth is expanding, with more coins participating in the bitcoin rally.
Expanding market depth reflects increased investor risk appetite and suggests the bullish momentum is healthier and more sustainable. “Crypto breadth is improving, so much so that there are few downtrends left. Uptrends are on the rise, and you never know, but this could be the one. Halving is just six months away, and the Fed will have to start printing money again soon,” Charlie Morris, founder and chairman of ByteTree, said in a research note sent on Monday.In the above chart, dark blue and light blue areas show coins in solid uptrends and early stages of the bull run.
The number of coins in uptrends is rising, as evidenced by the uptick in the dark blue and light blue areas. The situation starkly contrasts a year ago, when advancing stocks were a rarity. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
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