Crypto Market Shifts To Greed Amid FOMO Frenzy As Investors Eye New Bull Run

July 17, 2024

in Bitcoin

Reading Time: 3 mins read

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The Crypto Worry and Greed Index has flipped from “Excessive Worry” to “Greed” in a matter of days as buyers all of the sudden eye a brand new bull run.

Bitcoin touched $65,000 briefly at the moment, July 16, after surging about 9% previously week. BTC was buying and selling up about half a % at $63,180 as of 05:56 a.m. EST. Ether has soared 10% within the final seven days to commerce at $3,395.

All of the top-ten largest cryptocurrencies other than Toncoin are within the inexperienced at the moment, with the worldwide crypto market cap climbing 1% to $2.43 trillion.

Amid the latest rally, the Crypto Worry and Greed Index hit 65, displaying that the market is in a state of “greed.” The index is up from a low of 25 as lately as July 13.

Market intelligence platform Santiment attributes the latest rally to the concern of lacking out (FOMO). The analytics platform known as for cautious buying and selling because the market “collectively turns into so bullish with out many indicators of concern.”

🤑 FOMO has made a return with Bitcoin again at $63.3K. Crypto started rebounding virtually exactly after Trump’s close to assassination Saturday, and it hasn’t slowed down since. Cautiousness is really useful when the gang has collectively turn into so bullish with out many indicators of concern. pic.twitter.com/B0AuAqTO1v

— Santiment (@santimentfeed) July 15, 2024

Meme Cash Lead Market Rally – New Bull Run?

Meme cash are outperforming the broader cryptocurrency market, with the whole meme coin market cap leaping practically 10% to over $55 billion, in line with CoinGecko.

PEPE and WIF are among the many prime performers, gaining by 20% and 16%, respectively, within the final 24 hours. Dogecoin and Shiba Inu posted features of round 2% and three%, respectively.

PolitiFi meme cash related to Republican Presidential Candidate Donald Trump have additionally been on an uptrend for the reason that failed assassination try in opposition to him on Saturday. MAGA (TRUMP) has soared 34% previously weekly, whereas TREMP has gained 12% in 24 hours.

VENCE, a token impressed by Trump’s decide for Vice President JD Vance, has skyrocketed 148% previously day, in line with GeckoTerminal.

As meme cash lead the market restoration, a few of the hottest presales of 2024 are additionally poised to profit.

Amongst analysts favorites proper now are a layer-2 PEPE different known as Pepe Unchained (PEPU), WienerAI ($WAI), which has exploded previous $7.4 million in funds raised, and the DOGE-derivative P2E venture PlayDoge (PLAY).