The crypto market has once again turned green, with XRP, Ethereum, Bitcoin Cash, Bitcoin SV, Stellar, and Tron all posting gains of 8% or more in the last 24 hours.
The total market cap of all cryptocurrencies has now surged about 24% in five days, reaching $124 billion according to CoinMarketCap.
Four of the top 10 cryptocurrencies by market cap are up by double digits in the last day.
Bitcoin Cash is leading the way, rising more than 27% at time of publishing. Tron, Bitcoin SV, and XRP are up 13%, 10%, and 10%, respectively.
New data from Chainalysis indicates crypto traders stockpiled Bitcoin in November.
According to Bloomberg, the numbers show flows of BTC to personal wallets jumped last month. Economist Kim Grauer says the data suggests traders were looking to buy the dip and accumulate more BTC at a lower price.
Chainalysis also found that among the approximately 460 million Bitcoin addresses in existence, only about 27 million people or companies actually own Bitcoin.
Meanwhile, the senior analyst at Bloomberg Intelligence Mike McGlone says he believes the market is massively oversold by most metrics. However, his outlook is still bearish largely because of the overall volume in the market, and he “predicts Bitcoin will form a new floor next year that’s lower than current prices.”
