The cryptocurrency market has begun a new upward trend. After a sluggish month in September, when the whole market was in a headlock, the price of bitcoin has already exceeded $50,000.
The area was rocked by crashes, and cryptocurrencies succumbed to huge value losses that placed the market in the red for the most of the month.
September has a history of decreasing pricing, according to NewsBTC, and this year was no exception. September is, in a nutshell, “poor feelings.”
With the weekend approaching, the month came to a conclusion, and trade volume began to build up again. Low volatility, which is common on weekends, has helped give digital assets a boost, and this past weekend was no exception.
With the start of the new week, prices had recovered somewhat. And, as Monday’s trading day came to an end, the early hours of Tuesday brought with them brighter hopes for the cryptocurrency market.
Bitcoin has slowly risen from its low of $43K at the start of the month, adding $7K to its value over the course of five days, allowing it to cross $50,000 once more.
With this fresh break, optimistic attitudes have returned, which is excellent news for the market.
Exchange balances are still low, indicating that investors are still holding on to their currencies.
Despite growing selling pressure in recent weeks, the bitcoin community has overwhelmingly favoured holding.
As the Fear & Greed Index returns to greed, the recovery over $50K is drawing traders back into the market. The market has moved up 29 points on the index since the end of last month, bringing it out of a state of severe panic.
This shift in market sentiment will increase investor buying pressure, causing them to put more money into the market in order to avoid missing the next surge.
Because the market typically follows the price of bitcoin, the whole crypto market will benefit from this purchasing pressure.