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  • Bitcoin crossed $24,000 as the Cryptocurrency Fear and Greed Index changed to 31.

Bitcoin crossed $24,000 as the Cryptocurrency Fear and Greed Index changed to 31.

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  Bitcoin

The bull has just begun. Bitcoin crossed the $24,000 mark for the first time in over a month. After nearly three months of “intense fear,” investors can breathe a sigh of relief. Bitcoin hit a record high of $24,120 on Wednesday, up 8% in 24 hours and trading at levels not seen since mid-June.

According to CoinMarketCap, the current price of Bitcoin is $24,120.30. Its 24-hour trading volume is $49,929,803,913. In the last 24 hours, the value of Bitcoin has increased by 7.97%. The current price of Ethereum is $1608.41. Its trading volume in the last 24 hours was 24,204,429,550 Tomans.

In the last 24 hours, Ethereum has gained 4.02%. The total crypto market cap has surpassed $1 trillion for the first time since January 8, 2022. The worldwide cryptocurrency market cap is currently $1.07 trillion, up 4.86% from the previous day.

Bitcoin records the start of the next uptrend

Traders took comfort in the belief that the Fed will take a more accommodative stance at its next policy meeting. The effects of tighter monetary policies from the US central bank have significantly affected risky assets such as stocks and cryptocurrencies. Bitcoin has fallen about 50% since the beginning of 2022.

On Wednesday, BTC finally broke out of the “extreme fear” zone after 73 days. This increase is linked to Bitcoin’s 19% weekly increase. This process resumes when the cows return to the market. The fear and greed index has been increased from “extreme fear” to “merely fear”. It has increased dramatically from the current index score of 31.

Bitcoin crossed $24,000 as the Cryptocurrency Fear and Greed Index changed to 1.31.

The Fear and Greed Index is a sentiment indicator that ranks the current mood of the entire cryptocurrency market on a scale of 0-100. Volume and dominance data from the initial Bitcoin exchange is used in part to calculate this index.

According to data provider Santiment on Twitter, traders are changing their tune, with many now focusing on a long-term cryptocurrency breakout. The current trend could indicate fear of missing out (FOMO).

The Federal Reserve is expected to raise interest rates at its next meeting, but the pace of the increase will be slower this time and will be 75 basis points instead of 100.

Cryptocurrencies were supposed to be an alternative source of value unrelated to existing financial markets. That idea failed to materialize when institutional money poured into digital assets, when the Fed started raising interest rates and investors sold stocks.

A move above $22,700 indicates that the cryptocurrency has reestablished its 200-week moving average, creating technical grounds for a “reverse trend.” Meanwhile, traders are banking on the fact that the worst of the intense market panic caused by liquidity problems at several major cryptocurrency firms has subsided.

On the other hand, Grayscale’s “Bear Markets in Perspective” report claims that the current bear market may continue for another 250 days. Traders predict that the price of Bitcoin will move to the $27,000-$32,000 range now that it has made a daily block above its current range.

Crypto whales refer to a different type of bull

The value of Bitcoin and other cryptocurrencies continued this week with Ether gaining more than 1%. Ether has also increased by more than 40% in the last seven days. It’s fueled by optimism about a major network upgrade known as “consolidation.”

The upgrade, which moves Ethereum from environmentally dubious cryptocurrency mining to a more energy-efficient system, is expected to be completed by September 19. For bulls, the next target is the “neutral” zone starting at 100/46. . The index was last in the “neutral” zone on April 6, when Bitcoin traded at $45,000.

Cryptocurrency winters have a habit of turning even the most bullish Bitcoin believers down in no time. On July 19, 2017, this fact was revealed. After the price of Bitcoin returned to above $23,000, there were widespread warnings that the price increase was just a false dawn before the market fell further.

While the outlook for future declines is uncertain, some experts believe this upward trend is unique. Trader XM, a pseudonym used by a trader in the financial market, provided a message with the words “this time is different”.

The fact that Bitcoin continues its downtrend and then reverses shows that there is still potential for more gains in the short term. Bitcoin’s market cap has increased by nearly $74 billion, or 19.63 percent, in the week since July 13, when it reached $377 billion.

On Wednesday, the stock market responded positively to Bitcoin’s success. MicroStrategy ( MSTR ) rose 18% to $267.17, while Coinbase ( COIN ) gained 12.2% to $65.83, indicating that investor faith in cryptocurrencies is getting stronger by the day.