Cryptocurrency markets continue to show a strong recovery to recover from the collapse it experienced a while ago. Bitcoin (BTC), which is accepted as a benchmark among cryptocurrencies, managed to rise over 20% in the last week and energized the crypto money markets. However, these rises may not be the last and the markets may continue to rise.
According to the new data obtained, the total stablecoin reserves are currently at an all-time high of $27.2 billion. The increase in stablecoin reserves of exchanges is interpreted as a harbinger of increased purchasing pressure in the market.
Investors are starting to return to crypto exchanges, according to data from on-chain analytics platform CryptoQuant. Stablecoin reserves on all exchanges broke a record, reaching $27.2 billion today.
All Stablecoins Exchanges’ Reserve hits an all-time-high by $27.2B
Live Chart👇https://t.co/hHmjTRa7ws pic.twitter.com/x30ZKUo4uz
— CryptoQuant.com (@cryptoquant_com) February 10, 2022
The increase in stablecoin activity on cryptocurrency exchanges is an important indicator of the return of investors who want to buy. This may also be the result of a return of confidence in the market. Bitcoin fear and greed index reflects this situation. The fear and greed index managed to break out of extreme fear levels for most of January and is neutral at 50.
Bitcoin Fear and Greed Index is 50 ~ Neutral
Current price: $44,823 pic.twitter.com/Y3TAmSvClz— Bitcoin Fear and Greed Index (@BitcoinFear) February 10, 2022
Bitcoin and Altcoins Ready to Rise
Bitcoin, the number one cryptocurrency, is on the rise with the return of bullish sentiments. Bitcoin is currently trading around $44,785, up 22% over the past week. However, analysts believe the price is undervalued. Bitcoin on-chain analyst Willy Woo argues that according to the Bitcoin supply shock valuation metric, the fair price of Bitcoin should be around $50,000.
The market outlook is similar for altcoins as fundamental metrics show that many are poised to see a rise in price. According to Santiment data, ADA’s MVRV 365D ratio is also currently undervalued and could create a surge in these markets, according to Ali Martinez, a crypto market analyst.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.