As the chief market analyst of Bybit Learn, Han Tan, claims, the crypto market is in an unstable phase due to a large number of ambiguous macroeconomic news. The crypto industry has not yet been able to overcome the effects of the mass liquidation of traders' positions that occurred on October 10. Nevertheless, the price of the first cryptocurrency was able to show positive dynamics, reaching a two-week high.
Ethereum rose above $3000 — after a major sell-off that occurred at the beginning of the month. This was aided by Vanguard's decision to open its platform for trading crypto-ETFs, noted analysts from Bybit and Block Scholes.
The number of open positions on perpetual contracts with cryptocurrencies has also increased. However, it remains below the levels reached before October 10. The sell-offs were not accompanied by significant liquidations of traders' positions, meaning the market is not overheated with loans, analysts explained.
According to the Block Scholes risk appetite index, a slight increase in optimism among investors and traders is noticeable, but a bullish trend has not yet fully formed. So far, Bitcoin and Ethereum remain below previously reached record values.
Previously, co-founder and former director of the cryptocurrency exchange BitMEX Arthur Hayes stated that by 2026 Bitcoin will reach $500,000, and the cryptocurrency market will demonstrate a sustained bullish trend.
