The cryptocurrency market is starting to gain traction again, showing an increase in indices. Leading cryptocurrencies like Bitcoin and Ethereum display significant growth.
Cryptomarket Shows Growth
Bitcoin has risen by 5% over the last day, reaching the $92,000 mark, with Ethereum following closely, regaining the $2,200 level. The overall crypto market cap increased by over 3%, despite low trading volumes. This uptick is linked to China's new economic measures aimed at countering trade tensions with the US, boosting global market confidence.
New Bitcoin Wallets
Bitcoin is trading above $90,000 again, with 50,000 new wallets added to its network in March. According to Santiment, more wallets now hold less than 0.1 BTC, with an increase also seen in wallets holding between 0.1 and 100 BTC. While there have been mild signs of profit-taking by major holders, the growth in wallet numbers sends a bullish message. It may signal a market breakout once wallets holding over 100 Bitcoins start increasing in number.
Current Situation with Ethereum and Trump-Linked Projects
However, Ethereum is facing challenges, with its price down by 15% over the past month and trading volume dropping by 27%. Still, this is viewed by some as a potential turnaround opportunity once the market stabilizes. Meanwhile, the Trump-linked DeFi project, World Liberty Financial, has resumed acquiring Bitcoin and Ethereum, investing $25 million via a multi-signature wallet.
The cryptocurrency market continues to recover despite previous turmoil. China's economic measures have boosted investor confidence, yet the market needs stabilization for sustained growth.
