Market bulls, particularly those holding onto their bags, will feel somewhat relieved with this trend as it signifies that the digital currency ecosystem can receive a rejuvenation even without any notable fundamental driving the bullish sentiments.
The Worst Days May Still be Ahead
Without sounding so pessimistic, the current surge in crypto prices is likely a natural bullish correction after the encompassing market slump that stretched several weeks.
Some of the most pivotal events are still ahead, including the US Federal Open Market Committee (FOMC) scheduled for the end of this month. With inflation notably higher than projected, the Feds may be forced to raise interest rates again, likely more than the 75 basis points recorded the last time, all in a bid to curtail the inflation rate.