Is the cryptocurrency market in turmoil? On the contrary, it is on the rise again! What is behind a rebound in buying activity? According to analysts at CryptoQuant, major players in the crypto market are massively hoarding Bitcoin amid its price decline. Experts believe that this trend of "buying the dip" reflects increased confidence among institutional investors in potential returns, which are expected to grow as the industry recovers by the end of 2024.
CryptoQuant estimates that the market is currently experiencing the "second-largest institutional accumulation process," bolstering the case for investors to remain bullish. Crypto enthusiasts see the current market conditions as an excellent opportunity for those interested in the crypto industry. Such a massive influx of institutional investors could have a significant impact on the market. This institutional accumulation could contribute to market stability and act as a prelude to a bullish run in digital assets, experts believe.
Earlier, CryptoQuant expected the leading cryptocurrency to resume its rally in the third quarter of 2024, driven by eased selling pressure from miners.
