Did the crypto market bottom this week? — Here’s what the data shows
Bitcoin is chasing $60,000, and altcoins are showing modest gains today. Does that mean the crypto market has bottomed?
Bitcoin’s (BTC) relief rally has seen it rise 21% above the Aug. 5 bottom of $49,577. The recovery has also been witnessed across the broader crypto market, with the total market valuation reclaiming the $2 trillion level, up 20.5% since Aug. 5.
Market participants are now looking for clues on whether the crypto market has bottomed and begun the early stages of a trend reversal.
Some analysts believe that investors are holding onto their positions until the Federal Reserve decides on interest rate cuts during the next FOMC meeting scheduled for Sept. 18.
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Author: Nancy Lubale
