Key Points
- CEO of CryptoQuant, Ki Young Ju, suggests that the crypto market is still in a bull cycle.
- Self-custodial Bitcoin (BTC) wallets and long-term whale addresses show increased accumulation.
Ki Young Ju, the head of blockchain analytics platform CryptoQuant, has expressed his belief that the cryptocurrency market is still experiencing a bull cycle.
In his recent statement, he noted that self-custodial Bitcoin (BTC) wallets have seen an accumulation over the previous week. Additionally, he mentioned that addresses belonging to long-term whale holders are demonstrating a growing interest.
Bitcoin’s Market Performance
Following this accumulation, Bitcoin’s value increased by 3.35% within the last 24 hours, trading at $60,450 at the time of the statement. On September 17, Bitcoin reached a local high of $61,316, with its market capitalization exceeding the $1.2 trillion mark.
The global cryptocurrency market capitalization also experienced a 0.7% increase over the past day, hitting $2.17 trillion, according to data from CoinGecko. Most leading altcoins recorded bullish momentum, with Nervos Network (CKB) standing out as the top gainer with a 17% price surge.
Anticipation of U.S. Fed Rate Cut
The overall positive sentiment in the market precedes the expected U.S. Fed rate cut, which is slated for today. The likelihood of a 50 basis point rate cut saw an increase last week after the U.S. Consumer Price Index report indicated a decrease in inflation.
The CPI for August came in at 2.5%, while the expected rate was 2.6%. This will be the first Fed rate cut since July 2019, and many analysts believe it could trigger 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.