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

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

Bitcoin touched $65,000 briefly right now, July 16, after surging about 9% previously week. BTC was buying and selling up about half a p.c 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 right now, with the worldwide crypto market cap climbing 1% to $2.43 trillion.

Amid the current rally, the Crypto Fear 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 just lately as July 13.

Market intelligence platform Santiment attributes the current rally to the concern of lacking out (FOMO). The analytics platform known as for cautious buying and selling because the market “collectively turns into so bullish with out many indicators of concern.”

🤑 FOMO has made a return with Bitcoin again at $63.3K. Crypto started rebounding nearly exactly after Trump’s close to assassination Saturday, and it hasn’t slowed down since. Cautiousness is beneficial when the gang has collectively grow to be so bullish with out many indicators of concern. 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 full meme coin market cap leaping almost 10% to over $55 billion, based on 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 features 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 towards 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 choose for Vice President JD Vance, has skyrocketed 148% previously day, based on 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 different known as Pepe Unchained (PEPU), WienerAI ($WAI), which has exploded previous $7.four million in funds raised, and the DOGE-derivative P2E venture PlayDoge (PLAY).