The CEO of CryptoQuant, Ki Young Ju, has expressed his belief that the cryptocurrency market is currently in the middle of a bull cycle. According to Young Ju’s recent post, self-custodial Bitcoin wallets have been accumulating over the past week, indicating increased interest from long-term holder whale addresses.
This accumulation has led to a 3.35% increase in the price of Bitcoin in the past 24 hours, with the cryptocurrency currently trading at $60,450. On September 17, Bitcoin reached a local high of $61,316, surpassing a market cap of $1.2 trillion.
The positive momentum in the crypto market is not limited to Bitcoin, as the global crypto market cap has also surged by 0.7% to reach $2.17 trillion. Leading altcoins like Nervos Network (CKB) have recorded significant price surges, with CKB emerging as the top gainer with a 17% increase.
The current bullish sentiment in the market comes ahead of expectations for a U.S. Federal Reserve rate cut, scheduled for today. The probability of a 50 basis point rate cut has increased following a report showing declining inflation in the U.S. Consumer Price Index for August.
Many analysts believe that a Fed rate cut could trigger further bullish momentum for financial markets, including cryptocurrencies. Data from the market prediction platform Polymarket indicates a 53% chance of a 50 basis point rate cut and a 46% chance of a 25 basis point rate cut.
Overall, the outlook for the cryptocurrency market remains positive, with whales continuing to accumulate Bitcoin and market sentiment pointing towards further growth. As the bull cycle progresses, investors and traders will be closely monitoring developments in the market to capitalize on potential opportunities.