Advertisement
AD

Main navigation

Massive Crypto Market Recovery Is Ahead, According to This Indicator

Advertisement
Thu, 13/10/2022 - 8:04
Massive Crypto Market Recovery Is Ahead, According to This Indicator
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The recovery of the cryptocurrency market is a long-awaited event that will finally drag the digital asset industry back to the green zone and make it profitable once again. Santiment has shared a sign of an upcoming recovery.

Advertisement

USDT returning to market

According to on-chain insights, providers, whales and sharks are adding back some of the USDT they redistributed on the market. As the supply returns to whales' addresses, we are seeing a slight recovery of the first cryptocurrency.

Historically, Bitcoin and USDT have been showing a strong correlation to each other. With the growth of the USDT supply on whale addresses, Bitcoin has been entering an uptrend, which is why the current increase of the supply on addresses is considered a bullish sign by Santiment.

The rise of the stablecoin supply on the market is always considered a rise in the buying power of market participants as stable crypto assets cannot be used in any other way but gaining exposure to more volatile assets like Bitcoin, Ethereum and others.

Unfortunately, the currency USDT supply is nowhere near the values we saw prior to the plunge that happened in late 2021. The recovery of those values will most likely take months of accumulation.

In terms of price performance, Bitcoin has not been showing any positivity on the market since September, when the price of the first cryptocurrency rallied above $20,000. A variety of macro-financial events this week most likely creates pressure on risky assets like BTC and cryptocurrencies in general, which is why a fast-paced recovery is not likely to happen.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD