Crypto Sentiment Swings Back to Greed: Market Turns Bullish!
Following a little price increase in several significant cryptocurrencies over the last day, sentiment among players in the cryptocurrency market has once again become upbeat. After falling to “Neutral” the previous day, the Crypto Fear & Greed Index recovered to “Greed” on Thursday, scoring 62 out of 100. Just weeks after reaching an all-time high of $123,100 in mid-July, Bitcoin dropped under $112,000 over the weekend, capping a series of tumultuous days in the cryptocurrency market.
Crypto Market Turns Green: Bitcoin, Ether, and Solana See Gains
According to Nansen, the index hit “Greed” again as Bitcoin increased 0.70% in the last day to trade at $114,963. Both the little price increase and the sentiment boost indicate that market players see the small gain as an indication of short-term stability. Glassnode, an on-chain analytics company, reported on Wednesday that profit-taking among Bitcoin short-term holders, or those who have held the cryptocurrency for fewer than 155 days, has slowed.
Additionally, the larger cryptocurrency market rose. At the time of publication, Ether had gone up 2.52% in the last day to trade at $3,720, XRP had gone up 1.81% to $3, and Solana had gone up 3.71% to $170.21.
Bitcoin Volatility Returns: Is a Massive Liquidation on the Horizon?
Analysts’ remarks on Thursday reflected this optimism.
Bitcoin is back to resistance and consolidates here. This test should likely bring the bullish breakout.
MN Trading Capital founder Michael van de Poppe
According to cryptocurrency trader Galaxy, Bitcoin last experienced this kind of volatility in November. In the months after Donald Trump won the US presidential election, it surged from about $70,000 to $100,000 by December 5. On the other hand, cryptocurrency trader Ted noted that Bitcoin would lead to $18 billion in liquidations and that it would soon hit new highs of $125,000.
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