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    Home / News / Market Wrap: Altcoins Outperform as Sentiment Improves; Bitcoin Within ‘Value Zone’
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April 20, 2022 by admin
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Market Wrap: Altcoins Outperform as Sentiment Improves; Bitcoin Within ‘Value Zone’

Crypto uptrend

Bitcoin (BTC) and other cryptocurrencies rose on Tuesday as gloomy sentiment from the previous week faded.

Most alternative cryptocurrencies (altcoins) beat bitcoin, indicating that traders have a higher appetite for risk. For example, THORChain’s RUNE token has increased by 11 percent in the last 24 hours, compared to a 2 percent increase in BTC. Decentralized finance (DeFi) currencies like AAVE and EOS, on the other hand, climbed more than 7% on Tuesday.

The bitcoin Fear & Greed Index saw a modest gain on Tuesday, indicating that sentiment is improving among crypto traders. Even so, since BTC trades in a narrow range between $32,000 and $46,000, some buyers remain on the fence.

On Tuesday, stocks surged as the 10-year Treasury yield increased to 2.9 percent, the highest level since late 2018. Over the last 24 hours, gold, a classic safe haven asset, has traded lower, reflecting a small risk-on tone in global markets.

Bitcoin’s price range

According to blockchain data provided by Glassnode, a significant quantity of bitcoin supply has been accumulated between the $38,000 and $45,000 price range. Price “value” zones, or places with a lot of trading activity, usually come before big price breakouts or crashes.

In a blog post, Glassnode said, “Despite another two months of sideways consolidation, a big segment of the market is unwilling to spend and sell their coins, even if their coins are held at a loss.” This indicates that price-insensitive traders own a large portion of bitcoin’s supply above the $40,000 price point.

Long-term price momentum has weakened thus far, therefore it’s unclear whether traders will continue to discover appealing buying positions between $35,000 and $42,000. A breakout or breakdown of the current price range is required from a technical standpoint to confirm a trend shift.

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