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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
crypto
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The Worst May Be Over As Crypto Market Adds More Than $100 Billion

Best Owie by Best Owie
1 year ago
in Crypto, Cryptocurrency Market News
Reading Time: 3 mins read

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 total market cap chart from  TradingView.com

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 TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Tags: cryptocrypto marketcrypto market capcryptocurrenciesFear & Greed Index
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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