Altcoins
Crypto Fear and Greed Index Signals Greed: Bitcoin, Will Altcoins Rally?
- The Fear and Greed crypto index indicates that the market may become greedy in the future.
- Ethereum and Solana could also benefit from the rise in greed.
Bitcoin [BTC] The price has not moved significantly over the past few days, suggesting neutral market sentiment.
However, despite the BTC price inactivity, the Fear and Greed crypto index tells a different story.
Holders get greedy
The Fear and Greed Index gave a reading of 57 at the time of writing, which suggested that most 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.
Long positions taken in favor of BTC have also increased significantly, from 48% to 51.23% over the past few days, according to Coinglass data.
Source: coinglass
At press time, BTC was trading at $62,581.09 and its price increased by 2.21% in the last 24 hours.
Despite the recent price rally, BTC’s MVRV ratio declined significantly, implying that most holders were still unprofitable and there was not much selling pressure on the royal coin.
Source: Santiment
However, BTC will not be the only one affected by the growing greed of the markets. As BTC is highly correlated with other altcoins in the sector, they are also expected to see growth.
At all levels
For example, Ethereum also saw an increase of 1.27% in the last 24 hours.
AMBCrypto’s examination of Santiment data found that the speed of ETH had also increased significantly, implying that the frequency of transactions carried out on the Ethereum network had increased significantly.
This could mean that a positive turn of events could occur for ETH holders in the future.
Even though the price of ETH was increasing, the network growth for ETH was observed to have decreased. This indicated that new addresses were losing interest in ETH as a token.
The decline in ETH network growth may hinder the ability of ETH price to rise in the future.
Source: Santiment
Read Bitcoin [BTC] Price prediction 2024-25
Other altcoins such as SOL could also benefit from a greedy market. At press time, SOL was trading at $145.66 and its price increased by 0.44% in the last 24 hours.
Along with this, the social volume of SOL has also increased, indicating a growing popularity of the SOL token.
Source: Santiment