The Worst May Be Over As Crypto Market Adds More Than $100 Billion
18 Julio 2022 - 6:00PM
NEWSBTC
The crypto market had suffered a long stretch of downtrend
following the mid-June market crash. This had brought the total
market cap down to yearly lows as large and small cryptocurrencies
alike suffered. However, there is starting to be a turn in the tide
with the new week. The crypto market cap, which had been trending
below $900 for the better part of the week, had put on $100
billion. Crypto Sentiment Begins To Turn The crypto market cap
still remains below $1 trillion but it has recovered to a good
point. With the price of bitcoin above $22,000, it has gotten close
to reclaiming this crucial position. Another thing that has pushed
the crypto market cap has been the recovery of Ethereum, whose
recent bullish tendencies have rubbed off on other smart contract
platforms in the space. Related Reading | Bitcoin Marks One
Month Of Negative Funding Rates, More Decline Incoming? With this,
the sentiment of crypto investors has begun to shift. One of the
ways in which this has happened has been in the reading of the
crypto Fear & Greed Index. This index uses data from five
different metrics to present a figure that represents how investors
are feeling toward the market. Crypto market cap recovers close to
$1 trillion | Source: Crypto Total Market Cap on TradingView.com
For the better part of June, the index had been in the ‘Extreme
Fear’ territory. This was as the bear trend raged on, and investors
had taken a step back from the market due to the losses. This saw
the market close out the month with one of the lowest scores in the
interest of the index with a 6. However, as some cryptocurrencies
in the market have recovered, so has the market sentiment. The Fear
& Greed Index presently sits at a score of 20 at the time of
this writing. So although it still remains in the extreme fear
territory, it is up 14 points from last month’s close. Related
Reading | Mid Cap Crypto Coins Lead In July, Best Way To
Weather The Winter? There is no doubt that bitcoin’s recovery above
$22,000 has a lot to do with this. The pioneer cryptocurrency is a
market mover, and if it continues to grow, it is expected that
market sentiment will recover more. One thing to note, though, is
that such large recoveries in such a short time can lead to
sell-offs. Mainly, investors often see such moves as a ‘bull trap’;
hence they try to get out of the market before the inevitable
retracement. Over the last 24 hours, there have been more BTC going
into centralized exchanges with a positive net flow of 725.2
million. This supports the fact that investors are taking this time
to sell their holdings. Featured image from Kapersky, chart from
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