A recent observation by Santiment reveal the crypto market is witnessing a notable recovery as Bitcoin touched $61.3K, marking a significant shift in sentiment among investors. Following a fear-inducing crash in early August, Bitcoin has experienced a strong rebound, recovering by +19%.
This recovery is driving a resurgence of optimism, not only for Bitcoin but for top-cap altcoins as well. Investor sentiment has grown more bullish, reflecting a renewed confidence in the market’s direction.
Bitcoin Leads with Strong Recovery
Bitcoin’s rise to $61.3K has been a central driver of market optimism. After the price drop that occurred around August 5th, Bitcoin quickly regained traction, spurring a +19% recovery from its previous lows.
The most recent data indicates that Bitcoin’s price stands at $60,768.55 at press time, with a 4.58% increase in the last 24 hours and a 3.00% rise over the past week. This momentum has been pivotal in influencing sentiment across other major cryptocurrencies, setting a more positive tone for the market. As Bitcoin stabilizes above key levels, it continues to fuel broader market recovery.
Bitcoin Stalls Below $59K as Toncoin and Altcoins Surge
Altcoins Follow Bitcoin’s Upward Trend
As Bitcoin advances, other leading cryptocurrencies are also seeing an upward shift in sentiment. Ethereum (ETH) has mirrored Bitcoin’s performance, benefiting from the overall market recovery. During this press, Ethereum’s price is $2,660.29, showing a 3.10% increase in 24 hours and 1.10% growth over the past seven days.
Binance Coin (BNB) follows suit with a 6.35% jump in 24 hours and 9.02% in the last week, reaching $568.25. XRP, too, has displayed positive sentiment, with a 3.85% increase in the last day, raising its price to $0.6074. This across-the-board improvement in top caps is reflective of a more bullish outlook.
Cardano Emerges as a Sentiment Standout
Cardano (ADA) stands out for its sharp rise in sentiment, despite a -47% decline over the past five months. As of now, ADA holds the highest positive sentiment among top caps for 2024.
The price of ADA was $0.3441 at press time, with a 4.28% price increase in the past 24 hours and 3.53% growth over the past week. The contrast between ADA’s significant price slide and its rising sentiment suggests that investors are beginning to view the asset more favorably. This indicates the potential for further price appreciation if the current sentiment trend continues.
