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Bitcoin, Shiba Inu, Algorand Up as Cryptomarket Rises on Positive Investor Sentiment

Fri, 12/24/2021 - 13:06
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Tomiwabold Olajide
Cryptomarket positive investor sentiment drives up Bitcoin, Shiba Inu and Algorand
Bitcoin, Shiba Inu, Algorand Up as Cryptomarket Rises on Positive Investor Sentiment
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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 capitalization, rose to highs of $51,527 for the first time since Dec. 8 as positive investor sentiment spread through the traditional 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, referred to as ''altcoins,'' rose on investors' optimism. Ethereum's price is up over 3.41% at a present price of $4,084. Dog-themed asset Shiba Inu 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.

''Fear'' gradually vanishes

The Crypto Fear and Greed index reflects improving market sentiment. At press time, the index measures 41/100. Although still characterizing "fear,'' this represents a significant rebound from last week's ''extreme fear.''

BTC In/Out of the Money, Source: IntoTheBlock

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.

SHIB In/Out of the Money, Source: IntoTheBlock

More Shiba Inu holders are in the money according to on-chain signals from IntoTheBlock analytics following the latest rise. Presently, 59% of Shiba Inu holders are in profit. The next significant barrier will be seen in the $0.000041 to $0.000044 range.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.