Could it be that all along we have been in a mid-cycle price correction?
It never really felt like we were entering a bear market and that it was the end of the bull run.
Here are some reasons why we could be on the cusp of entering the second half of this bull run.
- The crypto market has been in a state of either fear or extreme fear for the past few months, but it looks like greener pastures are ahead according to Crypto's 'The Fear & Greed Index' which finally took Crypto outside of the fear zone and into green/greed territory. Crypto Fear & Greed Index - Bitcoin Sentiment - Alternative
- The crypto market cap has increased by $450 Billion in a little over a week; It stood at $1.25 Trillion on the 20th of July and it is now sitting at $1.7 Trillion: Cryptocurrency Global Charts (coingecko.com)
- The Total Value Locked in Defi has also been accumulating, going from $55 Billion on July 20 to $69 Billion today: DeFi Pulse - The Decentralized Finance Leaderboard
- Bitcoin broke the 42k barrier today after being stuck between 29k - 32k for quite some time; CoinGecko: Cryptocurrency Prices and Market Capitalization
- Long Term BTC Holders control 75% of the bitcoin supply & are accumulating at a rapid pace while the supply on exchanges is decreasing, previous bull runs have been ignited by similar conditions: - https://www.prnewswire.com/news-releases/bitcoins-long-term-holders-are-hoarding-the-supply-heres-why-it-matters-301338834.html
- Bitcoin sellers expected to cover positions, which could lead to higher prices next week; https://www.prnewswire.com/news-releases/bitcoin-short-squeeze-puts-crypto-stocks-back-in-the-spotlight-301343968.html
- Crypto's market cap has been green for 10 consecutive days; https://www.coingecko.com/en/global_charts
Edit: I am adding the following bullish news, thanks to u/itachiwriting/ and u/ProfessionalLion_/
In 5 days Ethereum will undergo its London Hard Fork upgrade; containing 5 improvement proposals that will optimize and improve the cryptocurrency; https://www.coindesk.com/ethereum-london-fork-launch-date-august
Germany plans to allow institutional funds to invest billions of dollars in crypto assets for the first time; https://www.bloomberg.com/news/articles/2021-07-30/germany-to-allow-institutional-funds-to-hold-up-to-20-in-crypto
Cardano grows closer to launching smart contracts with new testnet; Cardano smart contracts creep toward full launch
Submitted July 30, 2021 at 08:13PM by Amelie007 https://ift.tt/3lnqk8q https://ift.tt/2Z7cX2s
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