Bitcoin
Crypto Fear and Greed Index Signals Greed: Bitcoin, Altcoins to Recover?
- The crypto fear and greed index indicated that the market could get greedy in the future.
- Ethereum and Solana could also gain from increased greed.
Bitcoins [BTC] the price has not changed significantly in recent days, suggesting neutral market sentiment.
However, despite BTC price inactivity, the crypto Fear and Greed Index told a different story.
Incumbents get greedy
The Fear and Greed Index gave a reading of 57 at the time of writing, which suggested that most of the market was willing to buy BTC and was bullish.
This could mean that the price of BTC could rise significantly in the future and could even reach the $65,000 level.
Long positions in favor of BTC have also grown materially from 48% to 51.23% in recent days, according to data from Coinglass.
Source: coinglass
At press time, BTC was trading at $62,581.09 and its price grew by 2.21% in the last 24 hours.
Despite the recent rise in price, BTC’s MVRV index has declined significantly, implying that most holders were still not profitable and there was not much selling pressure on the king coin.
Source: Santíment
However, it will not just be BTC that will be affected by the growing greed in the markets. As BTC is highly correlated with other altcoins in the industry, they are expected to see growth as well.
In general
For example, Ethereum also witnessed a 1.27% increase in the last 24 hours.
AMBCrypto’s examination of Santiment data revealed that ETH velocity has also grown significantly, implying that the frequency of transactions occurring on the Ethereum network has increased materially.
This could mean that a positive turn of events could happen for ETH holders in the future.
Although the price of ETH was growing, it was observed that the ETH network growth had slowed down. This indicated that new addresses were losing interest in ETH as a token.
The drop in ETH network growth could hamper the ability of ETH price to rise in the future.
Source: Santíment
To read Bitcoins [BTC] Price prediction 2024-25
Other altcoins like SOL could also benefit from a greedy market. At press time, SOL was trading at US$145.66 and its price grew 0.44% in the last 24 hours.
Along with this, SOL’s social volume also increased, indicating an increase in the SOL token’s popularity.
Source: Santíment