Cryptocurrency Market Analysis: Leading cryptocurrency Bitcoin is currently trading at $67,261 with a 24-hour gain of 1.48%. The rise in BTC price indicates no signs of oversupply, suggesting that buyers may drive a higher rally. Likewise, the altcoin market is benefiting from this momentum, suggesting that the post-halving rally is gradually gaining strength.
The latest data released by Santiment, a leading cryptocurrency analysis company, reveals a significant shift in market sentiment towards Bitcoin (BTC) and Chainlink (LINK). According to Santiment’s latest analysis, public sentiment has turned bullish towards Bitcoin following its unexpected surge above $66,000 on Wednesday, with the price now surpassing $67,200.
Furthermore, Chainlink has also seen a notable increase in positive sentiment. Santiment reports that LINK’s bullish sentiment has reached its highest level in over a year, driven by a 17% price jump in 24 hours. This rise has sparked renewed interest and optimism among traders and investors alike.
Read also: Bitcoin ETFs net $1.3 billion in May, reversing outflows of $344 million in April
1) Cryptocurrency Market Analysis – Bitcoin (BTC)
Launched in 2009, Bitcoin operates on a decentralized peer-to-peer network, allowing users to transact directly without intermediaries. In the past three weeks, Bitcoin has shown a renewed trend of recovery as the price jumped from $56,000 to $67,322 registering a growth of 19%.
A rally supported by rising trading volume and the development of a higher low formation indicates that market sentiment is shifting towards buying dips. Bitcoin currently has a market cap of $1.32 trillion, while trading volume is down 21% to $24.6 billion.
Amid the recent price surge, BTC price gave a decisive breakout of the wedge pattern that carried the recent correction. The asset’s two-day convection rally indicates a suitable follow-through to the recent breakout indicating a potential rally to $73,800.
Read also: Supply of Bitcoin on exchanges declines as bullish pressure mounts
2) Cardano (ADA)
Cardano is a third-generation blockchain platform that aims to provide a more secure and scalable infrastructure for developing decentralized applications (dApps) and smart contracts.
The ADA price rise for four consecutive days shows a price increase from $0.426 to $0.48, representing a growth of 13.5%. This rebound after the recent high resistance of $0.476 indicates a change in market dynamics and provides buyers with the right support to drive a higher rally.
By the time of writing, Cardano was valued at $17.6 billion, maintaining the tenth place among the largest cryptocurrencies.
If the breakout continues, buyers could push the rally to $0.52, followed by $0.56.
Also Read: Cardano Transacts $2.7 Billion in ADA, Even as ADA/BTC Drops to New Lows
3) Chainlink (link)
Chainlink is a decentralized oracle network that connects smart contracts to real-world data, APIs, and payment systems, enabling smart contracts to interact with external data sources in a secure and reliable way.
Chainlink coin is outperforming several major altcoins this week with its notable recovery from $12.8 to $16.14 and active whale accumulation. With a weekly growth of 20%, LINK price gave a decisive breakout from the $16 recording level, providing buyers with the next starting point to prolong the recovery.
A 0.27% decline today will also confirm sustainability above a broken resistance which could pave the way for the asset to recover to $20.7, followed by $22.8.
Read also: Chainlink Price Analysis: Whale Accumulation Centers Link to $20 Breakout
Key takeaways
The cryptocurrency market is gradually returning to recovery sentiment, led by Bitcoin’s recent surge beyond the $67,200 mark. Renewed buying interest in Bitcoin ETFs contributed significantly to this recovery rally, with $222 million recorded on May 17. While the post-halving rally has not yet begun, potential investors can seize this opportunity to acquire their favorite digital assets.
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