The cryptocurrency market is on the mend, with a valuation leap of 2.50% over the past 24 hours, reaching a staggering $2.35 trillion on May 17. Bitcoin (BTC) and Ethereum (ETH), two key players, have shown resilience, witnessing respective gains of 2% and 4% during this period. This upward trend could be a harbinger of a market recovery, overcoming the recent uncertainties and substantial losses that have plagued it since March.
Amid this price rebound, both cryptocurrencies exhibit strong momentum. Coinglass’s Relative Strength Index (RSI) heatmap, a valuable tool, offers a clear picture of this trend. The heatmap, which provides a measure of buying and selling pressure, indicates a positive shift in the market sentiment.
In summary, the cryptocurrency market is experiencing a positive shift, with Bitcoin and Ethereum’s gains reflecting a potential recovery from the earlier uncertainties. The RSI heatmap serves as a crucial indicator, highlighting the market’s growing strength and resilience.