Altcoins
Crypto Fear and Greed Index Signals Greed: Bitcoin, an Altcoin on the Rise?
- The crypto Fear and Greed Index indicates that the market may become greedy in the future.
- Ethereum and Solana could also benefit from the increase in greed.
That of Bitcoin [BTC] the price has not moved significantly in recent days, suggesting neutral market sentiment.
However, despite the inactivity of BTC price, the crypto Fear and Greed Index told a different story.
The owners become greedy
The Fear and Greed Index gave a reading of 57 at the time of writing, which suggests that the majority of the market was willing to buy BTC and was mostly bullish.
This could mean that the price of BTC could increase significantly in the future and could even reach the $65,000 level.
According to Coinglass data, in recent days the long positions taken in favor of BTC have also grown significantly from 48% to 51.23%.
Source: coinglass
At the time of writing, BTC was trading at $62,581.09 and its price had grown by 2.21% in the past 24 hours.
Despite the recent price increase, the MVRV ratio for BTC dropped significantly, implying that most holders were still not profitable and there was not much selling pressure on the king coin.
Source: Santimento
However, it won’t just be BTC that will be affected by the markets’ growing greed. Since BTC is highly correlated with other altcoins in the industry, these are expected to see growth as well.
Across the board
For example, Ethereum also recorded an increase of 1.27% in the last 24 hours.
AMBCrypto’s examination of Santiment data revealed that the velocity of ETH has also increased significantly, implying that the frequency of transactions occurring on the Ethereum network has increased significantly.
This could mean that there could be a positive turn of events for ETH holders in the future.
Even though the price of ETH was growing, it was observed that the growth of the ETH network had decreased. This indicated that new addresses were losing interest in ETH as a token.
The decrease in ETH network growth may hinder the ability of the ETH price to rise in the future.
Source: Santimento
Light That of Bitcoin [BTC] Price forecast 2024-25
Other altcoins like SOL could also benefit from a greedy market. At the time of writing, SOL was trading at $145.66 and its price had grown by 0.44% in the past 24 hours.
In addition to this, SOL’s social volume has also increased, indicating an increase in popularity for the SOL token.
Source: Santimento