Bitcoin’s Revival Sparks Bullish Sentiment in Major Cryptocurrencies

• Bitcoin rallies 19%, trading at $61,300, with intraday volume up 46.66%.
• Positive sentiment surrounds major cryptocurrencies.
• Cardano (ADA) shows strong community optimism despite a 47% price decline.

Bitcoin (BTC) is showing signs of a market revival after turbulent weeks. Currently, BTC is trading at a monthly high of $61,300, a 19% jump from its August 5th low of 49,600. Coincodex data also reveals a 46.66% increase in Bitcoin’s intraday trading volume, suggesting a possible shift in market sentiment towards a more bullish outlook.

As expected, BTC’s current market momentum has boosted the overall sentiment of other major cryptocurrencies, which appears to be improving, according to Santiment’s behavior analysis data.

The analysis shows growing positive sentiment around top digital assets like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and Cardano (ADA). Specifically, Bitcoin’s weighted sentiment has become moderately optimistic, reflecting the overall mood of the Bitcoin market. Ethereum and Binance Coin also display similar positive sentiment, although slightly less pronounced. ETH is trading at $2,664 at the time of writing, up 1.85% over the past 24 hours. Meanwhile, BNB posted a 6% increase in its recent intraday session, coupled with bullish market sentiment, per Coincodex data.

XRP’s sentiment remains neutral, suggesting a cautious approach from investors, possibly due to the ongoing regulatory uncertainty surrounding Ripple. Despite the cautious sentiment, XRP posted a 5% increase to trade at $0.611651 over the past day. 

Impressively, Cardano has registered the highest positive sentiment of 2024 despite a 47% decline in its price over the last five months. This could indicate that the Cardano community remains optimistic about its long-term potential despite recent price challenges. ADA is changing hands at $0.3428 during press time, increasing by 3% over the past day.

With Bitcoin’s price currently around $61,000, this upward trend and positive sentiment could signal a potential bullish phase for these major cryptocurrencies. The strong community support for ADA might point to a belief in its future prospects, even with recent price volatility. Investors may want to keep an eye on these developments for possible growth opportunities in the near future.