Crypto markets in green for second day in row: Is bear run over? 

Cryptocurrency markets are in the green for the second day in a row. As per data from CoinMarketCap, the global market cap has increased by 5.81 per cent in the last 24 hours to $1.31 trillion as of 7:30 a.m. IST.

Bitcoin is up 6.38 per cent to $31,543, breaking through the $30,000 barrier. Ethereum also had a solid uptick, rising 7.98 per cent to trade at $1,985.

In the last 24 hours, the ADA token increased by 16.54 per cent whereas the value of the XRP Ripple crypto increased by 5.68 per cent in the previous 24 hours.

Does this mean that the bear run in the cryptocurrency markets is at its end? What can we expect from the markets in the near future, experts answer.

Expert’s take

Shivam Thakral, CEO of BuyUcoin crypto exchange told Business Today crypto markets, especially the cryptocurrency Bitcoin is on its way towards recovery. He said, “The crypto markets opened the week with Bitcoin breaking above the $31,000 mark and crypto volume surging to $79.72 billion which is a massive jump of over 66 per cent over the last 24 hours. In the middle of this month, the Bitcoin price dropped to its lowest point in 18 months and the recent jump can be seen as a slow but steady revival.”

Talking about the reason behind this recovery, Thakral said, “The recent crypto market recovery is coupled with the surge in US stocks and futures. European and Asian stocks have also surged as they expect some relief from Fed on monetary policy and interest rates in the coming weeks.”

Sharat Chandra, crypto expert and vice president, Research and Strategy at  EarthID told Business Today, “The selling pressure on Bitcoin has eased out, and the risk of capitulation has subsided. On-chain data signals toward potential bottoming. Though bitcoin is forming a resistance level at $32K, bitcoin's sensitivity to Fed's action stems from its co-relation with US equities. Federal Open Market Committee (FOMC) events impact risky assets like crypto assets.”

When asked if this is the end of the bear market, Chandra said it is too premature to say. He also pointed out that technical data still indicates a downtrend in the coming times.

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Also Read: Crypto markets in green for second day in a row; Bitcoin, Ethereum up - BusinessToday