Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
? With #Bitcoin back over $51k, the sentiment from traders has shifted back into positive range. As expected, $50k has become somewhat of a psychological support level, where traders become optimistic when above this threshold, & skeptical when below. https://t.co/HLuy1TbDdH pic.twitter.com/R58ZXNIvjS— Santiment (@santimentfeed) December 24, 2021
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.''
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 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.