Analyst Joseph Young believes that sentiment around Bitcoin and some altcoins is rising and offers reasons why.
Meanwhile, Glassnode has shared data which shows that the long-term risk-reward ratio for Bitcoin remains attractive to investors.
Bitcoin Reserve Risk remains in the green
Analysts from the research firm Glassnode have shared some positive data about the Bitcoin Reserve Risk Index.
According to data shared in the tweet, the value of this index has remained in the green since early autumn 2019. This indicates high investor confidence in Bitcoin over the past few months, the tweet stated, and signifies an attractive risk-reward ratio for Bitcoin in the long term.
This reading of the index signifies that when the price is low but the Bitcoin Reserve Risk is high, investors are likely to start purchasing more BTC, hoping to receive high returns over time.
"Sentiment around BTC and altcoins is rising short-term"
Analyst Joseph Young has noted that positive sentiment around the flagship cryptocurrency and coins with a small market cap is growing in the short-term.
Joseph believes that the altcoin market is likely rising due to increasing prices on DeFi assets.
"Persistent positive undercurrents remain"
The financial analytics agency Weiss Crypto Ratings has also touched on the topic of altcoins in a recent tweet.
Its analysts say that even though cryptocurrency markets seem to be somewhat stuck over the past few months, in reality, persistent positive undercurrents continue for crypto.
Mainly, they say, it is true for altcoins that have small and medium-sized market capitalization.