After a challenging few weeks, Bitcoin is showing signs of recovery, positively impacting the entire crypto market.
Bitcoin and Crypto Market Recovery
Bitcoin's price has climbed above $90,000 after falling below $78,000. This has boosted other cryptocurrencies: XRP is up 3%, Bitcoin Cash surged 12%, Shiba Inu by 4%, and Litecoin rose 5%.
Increasing Wallet Growth on Bitcoin Network
The Bitcoin network is growing rapidly, as reported by Santiment. There are 50,000 new wallets, mainly by small investors, with 37,390 holding less than 0.1 BTC and 12,754 holding between 0.1 and 100 BTC. However, the number of wallets with over 100 BTC has slightly decreased.
Ethereum: Record Staking Levels
Ethereum is also showing strength with ETH deposits in staking contracts reaching an all-time high of 1.94 million, indicating growing confidence in Ethereum's future.
The crypto market is experiencing a recovery phase. The increase in wallets and significant investments indicate growing confidence in the sector.
