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

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The Crypto Concern and Greed Index has flipped from “Excessive Concern” to “Greed” in a matter of days as traders abruptly eye a brand new bull run.

Bitcoin touched $65,000 briefly as we speak, 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 as we speak, with the worldwide crypto market cap climbing 1% to $2.43 trillion.

Amid the latest rally, the Crypto Concern 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 worry of lacking out (FOMO). The analytics platform referred to as for cautious buying and selling because the market “collectively turns into so bullish with out many indicators of worry.”

🤑 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 develop into so bullish with out many indicators of worry. 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 response to 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 positive aspects of round 2% and three%, respectively.

PolitiFi meme cash related to Republican Presidential Candidate Donald Trump have additionally been on an uptrend because the 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 response to GeckoTerminal.

As meme cash lead the market restoration, among the hottest presales of 2024 are additionally poised to learn.

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