Just three days after losing nearly $6,000 in a single daily candle, Bitcoin (BTC) price is up from the doldrums. In a classic rebound, BTC/USD rose from lows of $53,642 on Nov. 27 to reach intraday highs of $58,908 today.
The gains have since stuck, with $58,000 still the focus at the time of writing. Last week was characterized by major volatility across the board as Bitcoin and Altcoins followed stocks, oil, and others in a Black Friday event. However, the sense of panic seems to have subsided gradually after some reports played down the severity of the new ‘Omicron’ variant.
The latest reporting suggests that while the new variant may be more transmissible, it hasn’t been very deadly so far in younger people. The next couple of weeks remain significant in determining price trends, yet markets have taken comfort in the fact that vaccine manufacturers are already lining up to update their products against this strain.
As such, the dip has been bought once again, although in a cautious manner. Most assets have only recovered a fraction of their Omicron-related losses, which suggests that money managers are playing some defense here.
Crypto Analyst Rekt Capital speaking along these lines: ”Investors are still fearful towards #BTC. And while the best opportunities present themselves when Extreme Fear appears in the market… In the grander scheme of the cycle, opportunities remain very decent in fearful market conditions”.
The crypto fear and greed index portrays the cautious market sentiment, presently at ”fear” levels.
Bitcoin’s long term uptrend remains intact as Crypto analyst, Rekt Capital notes ”This BTC macro consolidation/dipping period exists to make you lose sight of the parabolic uptrend that comes afterward”
The NFT and Metaverse sector continued to outperform with Tezos (XTZ, +20.32%), Immutable X (IMX, +10.57%), CEEK VR (CEEK, +28.24%), MOBOX (MBOX, +28.24%) among the top gainers. While few play-to-earn and Metaverse “environments” are available for true interaction, major news and partnerships are still boosting the metaverse-related token prices.
Privacy-focused cryptocurrency, Zcash (ZEC) rebounded 10% on the bullish sentiment launched as developers announced plans to abandon traditional mining and migrate to a Proof of Stake network on Nov. 20.
Function X token is the governance token for the Function X project. FX is up 35.35% in the last 24 hours at a present price of $1.23. Voting on both proposals to support Polygon and TRON chains on FXCORE validator has reached 40% quorum as FunctionX is set to debut a new milestone.
Reserve Rights (RSR) has ticked the last three days in green, presently up 48% at $0.051. Bullish enthusiasm adds to the expectation of a new stablecoin on the mainnet launch targetted for December or January.
Cryptocurrency exchange Kraken has finally added support for the Shiba Inu cryptocurrency after almost a month of anticipation. Kraken announced that it would list Shiba Inu in early November, but reneged its promise of the listing to the disappointment of the Shiba Inu community.
Shiba Inu was up by 10.42% at $0.0000426, as of press time.
Image Credit: Alternative.me, Shutterstock
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