There’s a shift in the market – are you ready?!
After weeks of jitters and outflows, the total crypto market cap has surprisingly stabilized around $2.43 trillion in the past 24 hours. And leading the charge? None other than Bitcoin itself, hinting at a potentially bullish turn of events.
After several weeks of notable cash outflows from crypto investment products, the trend has gradually shifted in the past few days.
For instance, US-based spot Bitcoin ETFs registered a total cash inflow of nearly $130 million on Monday, with none of the issuers reporting negative cash flow. This positive momentum indicates growing investor confidence in the cryptocurrency market.
The cryptocurrency market has significantly benefited from a positive regulatory environment in recent months. The European Union has already begun enforcing the Market in Crypto-Asset (MiCA) regulatory framework. Consequently, more institutional investors are expected to enter the web3 space in the region seamlessly.
Meanwhile, other major jurisdictions, including India, the United States, the United Kingdom, Singapore, and Hong Kong, are moving in the same direction. Despite China’s ban on Bitcoin mining, Chinese mining pools still hold nearly 54 percent of the market share.
Polkadot (DOT), a fast-growing layer-zero network backed by a vibrant community of developers and investors, has been forming a bullish outlook on the weekly time frame. From a technical standpoint, DOT’s price has already broken out of a macro-falling wedge and is on the verge of a 40-50 percent rally.
With a fully diluted valuation of about $9.2 billion, this mid-cap altcoin has spent around $37 million on marketing year-to-date. Notably, the Polkadot ecosystem invested $2 million in the Indy 500 by directly sponsoring Conor Daly, a legendary race driver.
Cardano (ADA), a top-tier layer-one blockchain, is in the final stages of its initial roadmap to achieve ultimate decentralization. With major network upgrades scheduled soon, the Cardano network has attracted more web3 developers ahead of the anticipated altseason.
As a result, popular crypto analyst Captain Faibik is confident that the ADA price is well-positioned for a bullish breakout soon. The analyst highlighted that ADA could soon rally at least 70 percent after confirming a falling wedge bullish breakout.
By focusing on these developments, investors can stay informed and potentially capitalize on the bullish trends in the cryptocurrency market.
Remember, the crypto market is still young and volatile. Invest responsibly!
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