Crypto Derivatives have been one of the most traded markets. Following the BTC death cross, the market has been bearish. Lately, the market slipped out of bearish dominance as almost 51% of the currently open orders are long positions. The bulls are finally grinning hard as the bears accounted for 66% of the total liquidation in the last 24 hours.
Bitcoin golden cross is no doubt contributed to the current state of the derivative market. The spot market is also in favourable conditions for the buyers as it has seen tremendous growth in the last 24 hours. A growth of 2.69% sent the global cryptocurrency market cap as high as $2.19 trillion.
One of the top-performing coins in the last 24 hours is Synthetix. SNX gained more than 28% over the last 24 hours. The king coin also thrilled traders with a 2% increase that saw the coin return to $48,000. BTC surge was predicted by Coinfomania earlier this week as one analysis stated that the market sentiments as the time are a little bullish and suggest a rally soon. It concluded by stating that we may see the largest crypto surge as high as $47,000 and higher.
Traders Restored
Last event that left the market struggling below $2 trillion for a short while. The next days after the “Bitcoin Day” incident, the fear and greed index slipped into fear as FUD was present at the time. Although fear has not fully exited the market. Nonetheless, traders are not in fear of the next market actions as the fear and greed index is neutral at 53. The current reading is an indication that market conditions are getting more favourable for the bulls and we may expect greed to enter the market anytime soon.
We may expect to see more price surges and little corrections in subsequent times. More price hikes will mean more short accounts will be liquidated as the bulls will increase their grip in the market.
