Earlier this month crypto market players were faced with a massive correction. But over the past few days, the market seems to be giving new hope to investors as the price of Bitcoin has regained its position above the $ 38,000 level today.
During the opening the BTC price traded at $ 38,092.14, a 1% increase in 24 Hours. The same goes for Ethereum (ETH) which consolidated almost to the $ 2600 trading level. Chain data provider, Santiment reports that despite the rebound, investors are still skeptical.
Even so other data shows that when the BTC price increased, the Bitcoin Fear and Greed Index has decreased from the level of “extreme fear” to “fear”.
Bitcoin Fear and Greed Index is 29 - Fear
Current price: $ 38,073 pic.twitter.com/JiSM7SgZEC
- Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2022
At the same time, institutional players, on the other hand, continue to dominate activity in the Bitcoin chain as reported by Glassnode.The volume of Bitcoin transfers continues to be dominated by institutional size flows, with more than 65% of all transactions worth more than $ 1 million.
On the other hand, based on the data, Ethereum still remains at a sustainable level despite the large price correction. Ethereum managed to close at the $ 2,550 price level. Altcoin, Chainlink (LINK) also traded 7% strong by rising to the $ 17.35 price level. For Cardano, a group of whales mostly increased Cardano’s holdings after its price fell by 34% in 10 days.
