Positive Cryptomarket Investor Sentiment Boosts Bitcoin, Shiba Inu, Algorand
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 cap, hit highs of $ 51,527 for the first time since December 8, as positive investor sentiment spilled over into mainstream 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.
Alternative cryptocurrencies, known as “altcoins,” have grown on investor optimism. Ethereum’s price has risen over 3.41% to a current price of $ 4,084. Shiba Inu dog-themed assets 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.
The ‘fear’ gradually disappears
The Crypto Fear and Greed Index reflects improving market sentiment. At time of printing, the index measures 41/100. While still characterizing “fear,” this represents a significant rebound from the “extreme fear” of last week.
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 chain signals from IntoTheBlock analyzes following the latest increase. Currently, 59% of Shiba Inu holders are beneficiaries. The next big hurdle will be between $ 0.000041 and $ 0.000044.
