Bitcoin, Ethereum, Dogecoin continue to rebound from Omicron lows, buyers re-emerge in crypto market – Bitcoin – US Dollars ($ BTC)

Bitcoin (CRYPTO: BTC) was trading largely unchanged on Monday evening as global cryptocurrency market capitalization rose 1.85% to $ 2.62 trillion at press time.

What happened: The Apex coin traded just in the red. It was down 0.05% to $ 57,739.04 in 24 hours. Over a seven-day period, BTC is up 2.03%.

ether (CRYPTO: ETH) rose 2.27% to $ 4,451.96 in 24 hours. The second largest cryptocurrency by market capitalization is up 8.10% in the past seven days.

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) rose 4.18% to $ 0.22 in 24 hours. It has fallen 1.59% over a seven-day period.

Rival Shiba Inu’s gains were steeper, rising 9.13% to $ 0.00004372. The coin gained 0.34% for the week.

The top 24-hour winners according to CoinMarketCap data were Tezos, Stacks, Shiba Inu, and Polygon.

Tezos rose 23.15% to $ 5.72, Stacks rose 14.29% to $ 2.22, and Polygon appreciated 10.62% to $ 1.84 over the period.

See also: How To Buy Bitcoin (BTC)

Why it matters: Bitcoin was up 7.8% at press time from Friday’s low of $ 53,576.74, showing a sharp rebound from those levels as Omicron’s worries ease.

On Monday, President Joe Biden Addressed the Omicron variant of COVID-19, urging Americans not to panic and promising there would be no return to lockdowns, according to a Reuters report.

Pfizer Inc (NYSE: PFE) CEO Albert Bourla said Monday that the company’s oral coronavirus drug will not be affected by the Omicron variant, and said he was confident the company could deliver a new vaccine in less than 100 days if needed.

“Bitcoin is part of today’s broad risk rally that resulted from the alleviation of COVID fears, but will likely struggle to come back fully until vaccine effectiveness results confirm in the coming weeks that highly vaccinated countries are returning to lockdown mode” wrote Edward Moya, a senior market analyst at OANDA, in an email.

According to Moya, the cryptocurrency sell-off was an “overreaction” and buyers are “popping back up quickly” while traders reevaluate the impact of the new coronavirus variant.

Meanwhile, the Apex coin keeps pouring out of the exchanges, an indicator that BTC is being moved to long-term storage.

Martin, a CryptoQuant analyst presented a graph depicting the supply ratio, which measures the relationship between available and unavailable supply on exchanges.

Chart showing the exchange rate supply ratio – Courtesy of Maartunn

Currently the price has decreased, the ratio has increased. According to Maartunn, the price should follow the ratio “sooner rather than later”.

Meanwhile, the Korea Premium Index, or the so-called Kimchi Premium, which is a measure of the price difference between South Korean stock exchanges and other exchanges, reached 7% on Sunday, the highest level since May this year. It is currently around 5%, an indicator that private investors are participating in the cryptocurrency market according to a CryptoQuant tweet.

Chart tracking Kimchi Premium – Courtesy of CryptoQuant

Twitter trading Sheldon The Sniper, a cryptocurrency trader, said on Monday that Ethereum will outperform BTC in this next cycle based on the ETH / BTC chart.

ETH / BTC high time frame chart looks awesome $ ETH to outperform $ BTC in this next cycle pic.twitter.com/DY4SXuj1Se

– Sheldon The Sniper (@Sheldon_Sniper) November 29, 2021

Read Next: Rich Dad Author Poor Dad Is Buying More Bitcoin And Ethereum To Fight Inflation