Crypto Market Shifts To Greed Amid FOMO Frenzy As Buyers 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 immediately eye a brand new bull run.

Bitcoin touched $65,000 briefly right this moment, July 16, after surging about 9% up to now 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 aside from Toncoin are within the inexperienced right this moment, with the worldwide crypto market cap climbing 1% to $2.43 trillion.

Amid the current rally, the Crypto Concern and Greed Index hit 65, exhibiting 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 worry 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 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 helpful when the group has collectively turn 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 entire meme coin market cap leaping practically 10% to over $55 billion, in keeping with 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 for the reason that failed assassination try in opposition to him on Saturday. MAGA (TRUMP) has soared 34% up to now 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% up to now day, in keeping with 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 $7.4 million in funds raised, and the DOGE-derivative P2E venture PlayDoge (PLAY).