Top Reason Why Crypto Market is Up Today?

As a seasoned crypto investor with over a decade of market fluctuations under my belt, I can confidently say that the recent shift in buy and sell dynamics across exchanges is nothing short of remarkable. The robust buying interest we’re witnessing is a clear sign of maturing markets and growing confidence among investors.


The chief executive of CryptoQuant has pointed out a notable transformation in the cryptocurrency market landscape. At present, Bitcoin buy orders across all exchanges are solid enough to counteract earlier sell orders that previously held dominance. This evolution suggests a shift in trading patterns towards increased buying interest, which might be driving the current market surge.

Crypto Market Rebound: Buy Walls Outpace Sells Across Exchanges

As per the analysis by the CEO of CryptoQuant, there’s been a significant change in the balance between buy and sell barriers. Data from the previous cycle (2020-2022) showed that sell walls had dominated buy walls since May 2021, putting pressure on the market. However, the recent flip, where stronger buy walls are appearing across various exchanges, indicates a growing optimism among investors.

The increased trust from investors is helping maintain the stable prices and the upward movements seen in Bitcoin’s current market behavior.

Top Reason Why Crypto Market is Up Today?

The CEO’s remarks come as market participants witness a surge in buying activity across the crypto market. This increased buying pressure has been a key factor in the current positive trends, supporting a bullish outlook for the short to medium term.

Specifically, analyst and dealer Skew highlighted that the $65,000 threshold represents a substantial barrier for Bitcoin. Recognizing the recent surge in Bitcoin’s price, he emphasized that the current upward trend must surpass and sustain beyond the $65,000 mark to continue its momentum.

Concurrently, China’s economic stimulus appears to have positively impacted Bitcoin’s market trends. This stimulus seems to have ignited a wider stock market surge across Asia, which in turn affects the attitudes of crypto investors.

As a crypto investor, I’ve capitalized on the recent market surge by strategically trading Bitcoin with the help of Ceffu, an institutional-grade custody platform. On October 10 and 11, I acquired a total of 1,988 BTC, worth approximately $120.88M at the price of $60,815 per coin. Today, I’ve deposited 1,133 BTC, valued at around $72.57M, onto Binance as the Bitcoin price soared to $64,047. This strategic move has resulted in nearly $3.66M in profits for me.

Bitcoin’s price jumped by 3.2% today! This week, ceffu has been particularly successful in trading Bitcoin. On October 10th and 11th, ceffu accumulated a total of 1,988 Bitcoins (equivalent to $120.88 million) at an average price of $60,815.

3 hours past, the account #ceffu transferred 1,133 Bitcoin ($72.57 million) to Binance when the price was approximately $64,047, resulting in a profit of around $3.66 million!

— Lookonchain (@lookonchain) October 14, 2024

Macro Economic Indicators Align with Crypto Growth

Additionally, economic factors on a large scale are also playing a role in the recent surge of the cryptocurrency market. Despite worries about inflation, suggested by the latest Consumer Price Index (CPI) and Producer Price Index (PPI) reports from the U.S., the crypto market has shown remarkable stability. This stability is largely due to investors adopting a new strategy that involves investing in digital assets as a way to protect against fluctuations in traditional markets and concerns about inflation.

Forthcoming economic indicators like the U.S. unemployment claims and retail sales statistics will offer additional information about the economy’s condition, which may impact the crypto market trends. A robust economic scenario often attracts investment in digital currencies, whereas any hints of an unstable economy might prompt investors to opt for cryptocurrencies as substitutes for conventional assets.

In line with advancements in Bitcoin and the wider cryptocurrency market, XRP has experienced a substantial increase of 266%, primarily due to heightened institutional investment, coinciding with the ongoing legal disputes between Ripple and the Securities and Exchange Commission (SEC).

Currently, Bitcoin’s price is at approximately $64,743.98, a rise of 3.28% in the past day. This increase has also resulted in a 3.28% growth in the market capitalization, which now stands at around $1.28 trillion. Additionally, the trading volume saw a significant boost of 95.93%, reaching about $31.09 billion.

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2024-10-14 16:48