Relief rally: Crypto inflows top $110B as Bitcoin recaptures $30K |

An analysis of trading data from the past week reveals that traders had been slowly recovering their confidence and returning to the market as Bitcoin’s price reached recent lows. However, it is likely that this rally cannot be sustained for long with a global sense of uncertainty surrounding regulation in many countries.

The “crypto currencies” is a term that refers to cryptocurrencies, such as Bitcoin. The crypto inflows top $110B as Bitcoin recaptures $30K.

With $113 billion of cash streaming back into the overall crypto market value over the previous 24-hours, the working week is likely to conclude on a positive note.

Capital inflows boost altcoins.

Volume picked up about 02:00 (GMT) on May 13 and peaked around 10:00, according to the market cap chart analysis. Despite the fact that volume has decreased since then, inflows have continued to rise, indicating bear weariness.

Relief rally: Crypto inflows top $110B as Bitcoin recaptures $30K |CoinMarketCap.com (source)

YouTuber Lark Davies noted that certain cryptocurrencies had gained 70% during this rally, bringing in much-needed good emotion.

Here’s a big bounce! Some altcoins are jumping between 20% and 70%!!!! #crypto

May 13, 2022 — Lark Davis (@TheCryptoLark)

Gala, STEPN, and Kadena were among the top 100 gainers in the previous 24 hours, with gains of 57 percent, 57 percent, and 47 percent, respectively. Meanwhile, Bitcoin, the market leader, gained 8% on the day, reclaiming $30,000. BTC is now sitting at $30,600, which is quite near to that level.

Over the next two days, Bitcoin dominance rose drastically from 41.6 percent to 45.2 percent (a six-month high). However, investors have returned to cryptocurrencies, resulting in a dip to 44.5 percent at the time of writing.

Relief rally: Crypto inflows top $110B as Bitcoin recaptures $30K |TradingView.com’s BTC.D source

What is the future of cryptocurrency?

The rebound provided much-needed respite from the harsh sell-off that had been caused by events in the Terra environment. Despite this, the entire crypto market value is still down 20% on the week and 55% from its November 2021 peak.

The narrative evolved from uncertainty in the current market cycle to a bear market as events developed. Few economists believe the latest sell-off is just a hiccup in the bull market.

Rather, a more solemn and protective tone prevails. Will Clemente predicts more suffering for Bitcoin, predicting a low-mid $20k price range.

“The bottom is most likely around the low-mid $20Ks, consistent with the hypothesis of frontrunning prior ATHs, based on the aggregate of these indicators and price levels.”

Meanwhile, gold-bug Peter Schiff cautioned that Bitcoin’s return to $30k should not be seen as a bottom.

“This is most certainly no longer support, but opposition.” The new support is a lot lower.”

Schiff also mentioned Bitcoin’s link to tech stocks in his tweet, saying that ‘even if the Nasdaq has a bear market bounce, it’s unlikely Bitcoin would join.’

Schiff is accurate in pointing out that a macro effect is at work, even if he has no objective proof for it. With some experts forecasting a major global economic slump, now is not the time to take on further risk.

Posted in: Analysis, Bitcoin

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