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Why Is Crypto Market Going Up Today?
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
Bitcoin climbed to $86,436.31, up 2.1% over 24 hours and 3.4% over the week, after printing its highest weekly close in more than eight months. It is now up nearly 50% over the past three months. Ethereum gained 1.4% to $2,727.32, XRP rose 2.1% to $1.52, and BNB added 2.2% to $796.82. Supply is tightening. Data shows long-term holders are sitting on more Bitcoin than ever, barely selling even through recent volatility, which leaves less supply available to the market. Separate on-chain data shows long-term holders got through this full downturn without being pushed into losses for the first time in over a decade. Michaël van de Poppe said many traders expected the same deep correction seen in past cycles, but upside volatility this cycle has been smaller, so the downside needs to be smaller too. He called it a different cycle that could later be referred to as the “Crypto” cycle, with a dot-com style chart.
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