SEO DAVIN – The crypto market strengthened today, Friday (20/9/2024) amidst continued buying, especially in Bitcoin.
Referring to CoinMarketCap on Friday (20/9/2024) at 05:53 WIB, the crypto market experienced strengthening. Bitcoin rose 3.94% to US$62,962.66 and was in the positive zone of 8.35% on a weekly basis.
Ethereum appreciated 5.69% in the last 24 hours and in a week crawled up 4.67%.
Solana flew 8.49% daily and in the week was in the green zone 4.53%.
Likewise, Dogecoin has strengthened 2.75% in the last 24 hours and in the last seven days has increased 1.99%.
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 4.32% to 2,296.2. Open interest appreciated 8.12% to US$61.28 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 44, which shows that the market is in a neutral phase with the current economic conditions and crypto industry.
Quoted from Cointelegraph, Bitcoin (BTC) surged above US$62,000 on September 19, exceeding the price realized by short-term holders (STH) and showing potential for further gains, according to on-chain data.
STH realized price is a metric that calculates the average price at which short-term investors who have held their coins for less than 155 days purchased their Bitcoin. This metric serves as support in an uptrend because these holders tend to buy if the price rises above their entry point.
CryptoQuant analyst Avocado_onchain explained that the realized price of STH “consistently acts as a crucial support and resistance level” for Bitcoin.
Additional data from CryptoQuant shows a spike in the Taker Buy Sell Ratio across centralized exchanges (CEX).
Taker Buy Sell Ratio is a key metric used by traders to measure market sentiment and potential price movements. A ratio above one indicates that more takers are buying than selling, indicating bullish sentiment, while a ratio below one indicates the opposite.
The chart below shows that this ratio jumped from 0.93 on September 14 to 1.052 on September 16, indicating very strong buying pressure on CEX.
In general, a spike in the Taker Buy Sell Ratio indicates that a large number of investors are currently buying Bitcoin in the hope of further price increases. This indicates increased aggressive buying, a potential sign of greater bullish momentum in the short term.
