The crypto market has seen minor gains over today’s trading session as major cryptocurrencies are positioned just above critical resistance levels. Bitcoin and Ethereum could revisit higher levels if the bulls are able to make another push and allow for more gains in the sector.
Bitcoin (BTC), which trades at $21,500, has a 1% profit within the last 24 hours, and Ethereum (ETH), at $1,680, with a 3% profit during the same period. Both cryptocurrency have significant losses over longer periods of time, but both seem to be poised to rise.
Arcane Research reports that crypto market performance heavily depends on traders in the United States. The research firm explore the traffic of over 30 exchange platforms in the past three months, traders based in this country came out as the “most active participants in the market”.
The market direction is largely determined by the position taken in these trades, which represent 14.33% of all active market countries. They account for over 52% total traffic to crypto exchanges.
Except for the U.S.A, nearly every country included in this ranking are not on the American continent. South Korea and Russia follow in the top 2, and 3 spots, respectively. They account for approximately 6.51% and 5% respectively of traffic.
Many of the listed countries are economically poor, including Argentina, Brazil and India. Arcane Research found that users of VPN services could misrepresent their data, but they still claimed these:
It is notable that the market concentration of top 20 countries, which represent 52.4% all of web traffic to cryptocurrency exchanges, is high. These charts show trends within the crypto market but VPNs can distort data quality.
U.S. traders pumping the crypto market?
Jarvis Labs, a research company, has the opposite. trackingThe real impact of U.S. crypto traders on the market. U.S. traders contributed with bullish price action in July.
The top two cryptocurrencies were also losing popularity among traders from Europe and Asia. As Jarvis Labs said, the direction provided by U.S. traders can be used as alpha, as a way to profit off the market, as “smart money” trades during these hours.
This means that if you trade and are looking for a place, knowing the activities of U.S. traders could help you. According to the chart, U.S. trader began selling Bitcoin as early July. This trend has continued through August.
Since the mouth was opened, US sessions showed disinterest in BTC as well as ETH. However, Asia has demonstrated strength relative to the US when it comes to bidding. pic.twitter.com/wbNS0RKYjp
— JarvisLabs (@Jarvis_Labs_LLC) August 23, 2022