Crypto Market Signals Bullish as Bitcoin Price Skyrockets
Bitcoin Fear and Greed Index is at “Greed” scoring 60 out of 100.
Ethereum is trading near $1,700, which rose by about 42% from last month.
The cryptocurrency market kick-off February with continued bullish momentum as the crypto king, Bitcoin (BTC), soared by over 45%, and the largest altcoin, Ethereum (ETH), surged around 40% in a month. At the time of writing, the global crypto market cap has a market cap of $1.12 trillion, which increased by 4.5% in a day, as per CoinGecko data.
Earlier in the morning, the Bitcoin price pumped to the $24,195 range. Currently, BTC traded at $23,844, rallied around 4% in the last 24 hours and 15% in two weeks, and has a market dominance of 41%. Also, “Fear and Greed” was scored at 60 due to the Bitcoin price surging with five weeks of straight ‘green candles’ in a row. According to Alternative.me, Bitcoin Fear and Greed Index is at “Greed” scoring 60 out of 100.
Additionally, the second-largest cryptocurrency, Ethereum, traded at nearly $1,700, which rose by about 42% from last month and 10.5% in the last 14 days. ETH beholds over 18% market dominance and has a market cap of $201 billion, which increased 6.5% in a day.
Top Altcoins Signals Bullish
The whole cryptocurrency market started facing a downtrend as the failure of the UST stablecoin project run by Do Kwon pledged that Terra Luna (LUNA) would help its stablecoin, worth billions of dollars. Then the crypto winter got worsened, as the groups of prominent firms, such as Three Arrows Capital, Celsius Network, and Voyager Digital failed over the summer of 2022. Further, another wave of bearish started as the largest crypto exchange, FTX, filed for bankruptcy protection in November, 2022.
However, After the prolonged bearish trend, the crypto market shows green in the chart. And the top altcoins such as Polygon (MATIC), Solana (SOL), Avalanche (AVAX), Aptos (APT), and more coins are trading with notable price surges. From the past 7 days, MATC increased by over 12%, SOL soared by around 6.5%, AVAX climbed by 15%, and APT rose by 10%.
Additionally, Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) indicate strong price rallies. At the time of writing, the DOGE price hikes 35%, and SHIB skyrocketed over 50% in the preceding month.
Dogecoin (DOGE) Price Chart (Source: Tradingview)
Filed under: Bitcoin - @ February 2, 2023 1:10 pm