Cryptos Looking Bullish, According to Market Report

Twitter icon  •  Published há 1 ano  •  Nikolas Sargeant

Major derivative cryptocurrency exchange PrimeXBT released a Market Research Report on Tuesday, January 30th.

Major derivative cryptocurrency exchange PrimeXBT released a Market Research Report on Tuesday, January 30th. This report’s findings include increased institutional participation in BTC, a rise in ETH validators, and a 20% increase in the value of MATIC.

The uptick in institutional investment is good news for a potential Bitcoin bull market. Institutional investors are considered more stable than retail investors, suggesting better long-term prospects for BTC.

Two indicators of institutional support have seen big upticks since November and December of last year. Both CME Futures and Grayscale discounts have seen numbers increase, according to the report. Tenis suggests that institutions were buying BTC during the post-FTX downswing. 

If we look to the second-largest cryptocurrency, Ethereum, we also have good news. Given the recent transition to the new, more efficient PoS consensus mechanism, and the implementation of the test for the Shanghai upgrade in March, confidence in the Ethereum ecosystem has been growing. 

One key indicator of this is the increase in the number of validators, which has reached 503,000, and continues to climb, according to the PrimeXBT report. 

In altcoin news, the price of MATIC jumped 20% this week when an Ethereum whale purchased 59 million units. MATIC is a layer-2 scaling solution for Ethereum. MATIC’s daily users (349,200)  have now exceeded those of Ethereum (341,000), according to the PrimeXBT Market Research Report. 

PrimeXBT is a derivative exchange that was founded in 2018. They are known for being great for new users, as they provide educational efforts to help with onboarding to Web 3.0 financial services. PrimeXBT fees are below the global average, attracting new investors while retaining existing ones. 

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Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.