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Bitcoin and Ethereum showed “encouraging” performances in November; Analysis

Fast Take
  • Santiment highlighted the significant performances of Bitcoin and Ethereum in November
  • Furthermore, the analysis platform noted the rise of SP500 and gold in this period
  • According to the analysis, following this path could lead to a bullish rally in the crypto market
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An analysis by cryptocurrency specialist platform Santiment highlighted the significant performances of the two largest cryptocurrencies, the Bitcoin (BTC) e Ethereum (ETH), in the month of November. Furthermore, the analysis platform noted the rise of SP500 and gold during this period.

“Bitcoin (+6,9%), Ethereum (+12,2%), SP500 (+8,5%) and gold (+1,5%) had encouraging performances in November. Particularly with the stock market, it has quickly caught up with crypto in recent weeks,” he wrote.

According to the analysis, following this path could lead to a bullish rally in the crypto market. “If Bitcoin leaves here without shares, following suit, that would be a strong sign that the correlation between sectors is breaking down once again, which is normally a recipe for a cryptocurrency bull market,” he added.

 

At the time of publication, the Bitcoin price it was quoted at US$37.232,98, up 0.3% in the last 24 hours. During this period, the largest cryptocurrency recorded a trading volume of US$17.523.345.396.

Bitcoin Holders Analysis

Cryptocurrency analysis platform IntoTheBlock shared a survey of Bitcoin holders on November 27.

The platform analyzed a key indicator in the chain to determine market cycles: “the equilibrium by variation maintained over time. It categorizes Bitcoin holders into three groups based on the length of their holdings. This indicator offers a unique view of market behavior and sentiment”, he explained.

Read also   Bitcoin remains stable at US$52.000; What comes next?

Key insights revealed by IntoTheBlock analysis

Long-Term Holders Slowing: Long-term holder accumulation has slowed over the past three months compared to the past 12 months.

Medium-Term Holders Stepping Up: Medium-term holders, or 'cruisers', are showing higher Bitcoin holdings, indicating a shift towards a more bullish approach.

Short-Term Trader Pullback: Traders continued to reduce their Bitcoin balances, aligning with cautious sentiment, albeit slower than last year. The contrasting trends between long-term accumulation and medium-term holder activity suggest that we are in a market transition phase.

 

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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