Bitcoin feels the need for correction before further growth

Bitcoin gained 5.3% last week to close at $23.8,000. On Sunday, the first cryptocurrency was a step away from $2 ,000, renewing its highest level since August. Ethereum rose 0.9% to $1,6 0. The top 10 major altcoins rose between 2.7% (Dogecoin) and 18.8% (Pluteran). Bitcoin crypto btc Cryptocurrency market capitalization rose . % to $1.08 trillion in the week, according to CoinMarketCap. The Cryptocurrency Fear and Greed Index entered the greed zone for the first time since late March of last year. Bitcoin is gradually approaching its major moving averages. The 200 week is just over $2 .7K and the 50 week is now $2 .5K. A break below these levels would be a strong sell signal. A recovery above these could restore confidence in the crypto market. But before making a decisive move higher, be prepared for a long-term consolidation or correction. Polygon (MATIC) entered the top 10 by capitalization and took over from Solana. In the last 30 days, the price of MATIC has increased by 52%. Ethereum’s second-tier scaling network was second only to the BNB chain in daily users. Bitcoin crypto btc Another recalculation showed that the difficulty of mining the first cryptocurrency increased by .7%. The index hit an all-time high of 39.35 T. News Background According to Matrixport, institutional investors in the United States began actively buying bitcoins, accounting for up to 85% of all purchases. Altcoins are still largely behind, but may soon surpass the top two cryptocurrencies. According to Reuters, the US Securities and Exchange Commission (SEC) has begun auditing Wall Street financial advisors for cryptocurrency custody services. Moody’s, one of the largest rating agencies, is developing a rating system to analyze the risks of stablecoins. The platform is based on the quality assessment of collateral reports and supports up to 20 assets.