The cryptocurrency market is home to thousands of crypto coins and tokens. However, there is no competitor to the dominance and supremacy of Bitcoin and Ethereum in the crypto realm.
Both of these coins are the two unchallenged giants of the crypto market. Even though Bitcoin is miles ahead of Ethereum in terms of its valuation but still Ethereum has a strong influence on the rest of the altcoins in the market. The performance of BTC and ETH are usually responsible to set the trends in the crypto market.
We have observed that the correlation between both of these currencies has increased in recent times. They indicate the bearish or bullish trends for almost the entire crypto market. The performance of the last few days of these coins have also given a major hint for how the crypto market might fare in the coming days.
A strong bullish sentiment held by the investors
The crypto market was experiencing bearish trends for several months now. However, the market has progressed by a great extent in last couple of weeks. There are major signs for the end of the bearish sentiment in the market. One of which is the mean invested dollar age. It is a measurement of the mean duration during which dollars invested in Ethereum and Bitcoin are constantly kept in a wallet.
If there is a lack of movement for BTC and ETH then it is considered to be a bearish market sentiment. However, at this point in time, the average age of dollars has stopped rising. This implies that the coins of Bitcoin and Ethereum that were held dormant are now on a move, indicating crypto enthusiasts of a stable and greenish crypto market. The market is turning bullish for good right now, and it does not seem to be a bull trap as the trend is sustaining in the market.
Apart from Bitcoin and Ethereum, several major cryptocurrencies like Cardano, Polkadot, BNB, and Reef have made strong gains in the market. Generally, the market is pumping hard, and the altcoins are forming strong positions which is an incredibly positive sign for the entire market. In the coming days, the market will shape a more decisive outlook by validating the bullish trend or starting a correction phase. Nonetheless, experts are quite optimistic of a positive trend in the coming days as well.
