Price momentum, market sentiment, and continued advancement of the exchange sector are analysed to determine the monthly value of the crypto index. These qualifiable indicators are the market factors that determine the crypto market. A proprietary formula based on quantified data on blockchain transactions, search traffic, and moving averages is used to calculate the market index which ranges from highly bearish to highly bullish.
Bitcoin and Ethereum take the lead in the Crypto market
The bears hit the brake pedal moments before the market closed and the bull swept across the crypto market. Bitcoin Core touched a new high going up by around 5%. This is its highest price for Bitcoin before the big fall in November 2018.
The world’s biggest digital coin recovered and moved with a strong bullish trend. Bitcoin SV remained relatively flat and it seems to have found a bottom.
Ethereum pushed over the declining trendline that developed in April. The second largest cryptocurrency by market capital was the real riser of the pack. It was up by 11% with turnover rising considerably. Though it pulled back slightly, Ethereum was the best performing cryptocurrencies out of the top-20 pack. Traders are suggested to consider short-term positions in the market using strict risk management rules, as the long-term setups in the segment remain negative.
Tezos and Maker demonstrated strong positive momentum and gained over 7%. The 10th digital asset Cardano did well with 5% of gains. Some currencies were slower to rise thought the increase was across the board. The third largest coin, Ripple, exhibited about only 2.5% increase.
What caused the bullish wave?
Price momentum, infrastructure development, and institutional interest, the three fundamentals that drive the bullish signals were present for several months. Despite the instability at the beginning of April crypto rally, the market was primarily driven by one large buy order rather than fundamentals.
Crypto is continuing on a positive trajectory, self-determining its stand in the market that is seeing more of temporary surges. Data interpreters believe that there is no need to worry over market sentiments such as FOMO crushing crypto in the event of an abrupt and unexpected rally.
Andrej Burcev got into Crypto while completing his Bachelor of Science at Kingston University in London. Andrej now works as Senior Software Engineer. He is currently collaborating and writing articles for TheDailyCoins with his focus in innovative technology and its cultural and social influence.