Bitcoin Trying to Climb Back the Ladder – Spikes in Exchange Platforms

• Recovery status among the coins can be viewed in the market atmosphere.
• BTC attained a price value above $30,000 at the start of the day.

The market capitalization and crypto ranking have undergone most of the change during the present week, the tokens which were present on top are now pushed down to rock bottom. One very evident example of that case is Terra’s LUNA, a coin that was positioned in the top 20 and is now not even present in the top 50. 

Caleb Franzen, the senior market analyst at Cubic Analytics, states that investors’ negative sentiment can pull back the market even more since this sentiment leads to panic trading.

Caleb Franzen states:

“Historically negative performance, historically negative sentiment, and an historical acceleration of yields are the primary driver of the continued selloff. This is largely why both bitcoin and stocks are falling together. With bonds providing no safe haven, investor sentiment is overwhelmingly negative.”

BTC Market Position

Some coins are showing an improving image, but the environmental pressure is persistent in the market. In the last 24 hrs, BNB, ETH, and XRP have produced higher recovery rates. The total market cap is now counted to be $1.42 trillion, with a 1.10% hike from yesterday. The previously mentioned coins are ahead of BTC in bouncing back, yet it holds the prime status in the market.

By the start of today, BTC had a price value of $32,000. But the graph is falling downwards now. According to glassnode, the exchange platforms have seen a rise in BTC transfer, sellers seem to be in a rush to exchange BTC for other tokens. Bitcoin proponents are taking measures to maintain confidence among investors, one such tweet was made by Dennis Porter.

Dennis Porter tweets: