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Bitcoin, Binance Coin, XRP and Cardano prepare for November rally, traders in euphoria

  • Traders are euphoric and anticipate a rebound in Bitcoin, Binance Coin, XRP and Cardano, showing massive bullish sentiment. 
  • Outlook on Ethereum remains bearish despite the recent rally in top cryptocurrencies. 
  • Whales have started accumulating Bitcoin on Binance and Coinbase, indicating a rally in the asset. 
Bitcoin, Binance Coin, XRP and Cardano prepare for November rally, traders in euphoria
Ekta MouryaEkta MouryaFXStreet

Trader sentiment on Bitcoin and top altcoins like Binance Coin, XRP and Cardano has turned bullish. Crypto intelligence tracker Santiment considers that the crowd is currently euphoric on these cryptocurrencies, indicating the possibility of a November rally. 

Also read: Will crypto adoption skyrocket in Japan with relaxed crypto rules and easy listing

Crypto crowd sentiment on altcoins turns bullish 

Analysts noted a persistent negative sentiment and bearishness among traders towards Bitcoin and top altcoins in the last two months. Based on data from crypto intelligence tracker Santiment, traders have turned bullish on Bitcoin, Binance coin, XRP and Cardano. The sentiment towards the largest altcoin Ethereum is just slightly bearish. 

Crowd sentiment on Bitcoin, XRP, Cardano and Binance Coin

Crowd sentiment on Bitcoin, XRP, Cardano and Binance Coin

Though the strength of the USD has kept risk assets like cryptocurrencies under check, crowd sentiment is considered a catalyst for asset’s price rally. Bitcoin is stuck inside a tight range, awaiting an explosive breakout. The longer Bitcoin price trends within the range, the higher the eventual breakout. 

Short-term uncertainty and lack of volatility has not deterred institutional investors. Based on a survey by BNY Mellon, 91% of institutional investors are keen on investing in tokenized assets over the next few years. 

Bitcoin accumulation signals price rally 

Large wallet investors are accumulating Bitcoin on centralized exchanges Binance and Coinbase. Based on data from CryptoQuant, accumulation started when BTC price hit the $20,000 level. Bitcoin spot trading volume dominance skyrocketed, hitting 84%. Typically, accumulation by whales and spot trading volume dominance are bullish signals for Bitcoin price. 

BTC spot trading volume dominance

BTC spot trading volume dominance

Bitcoin spot trading volume for all exchanges has increased twenty times over the past six months. The volume renewed a year-high in September 2022, however since then there has been no significant change in the daily closed price, indicating someone is buying all the sell-side liquidity.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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