Cryptoassets Market Cap Rises as Bitcoin Nears $40,000
The cryptoassets market value rises to $1.52 trillion mid-day trading house after a 2.38% increase as the largest digital currency, Bitcoin, moves near the $40,000 resistance level.
Due to renewed rally in the cryptocurrency space, Bitcoin has attempted to cross the $40,000 resistance level in the past trading days, market data shows.
Again, the oldest cryptoasset makes a fresh foray into the zone, rising 8% in another attempt to move past its crucial level. At press time, it is trading at a price of $39,828 with a market cap of $747.816 billion.
The rally has increased the digital asset dominance, with Ethereum, the second largest on the list, seeing following at distance.
Bitcoin has picked up strong momentum amid rumours of Amazon integrating BTC payments. However, Amazon has confirmed that there are no such plans for now but this hasn’t stopped the Bitcoin bulls from raging in.
As per popular crypto analyst Lark Davis, Bitcoin has just closed its daily candle above the 200-day EMA. This sets an underlying trend that Bitcoin is set for further price surge going ahead.
Bitcoin sentiment has now begun to move into the positive. The crypto market has recently been in one of its longest stretches in extreme fear recently. Now it seems there is light at the end of the tunnel as the market pulls itself out of extreme fear.
This is in line with the recent price surge bitcoin experienced following the weekend upturn. Which saw the digital currency’s price push past $36,000 for the first time in over a month.
Bitcoin price has dipped since. But the bullish trends continue to persist in the market as the price shows a steady recovery. This comes after the coin lost over $1,000 in price in 12 hours.
The market had been in extreme fear for over a month before this recent break. Dropping points continuously on the Fear & Greed Index published by Arcane Research.
The cryptocurrency had seen declining prices since it had hit a new all-time high in April. Bitcoin had hit $64k and then started to trend downwards in the ensuing months. The market continued to decline into extreme fear territory as the price dropped.
Fear & Greed Index Recovers
The Fear & Greed Index saw a significant recovery this week as prices recovered. The Index saw a sharp recovery up from 19 in extreme. Now sitting at 32, pushing the index into the fear territory. The Fear & Greed Index had continued to decline for the better half of last week.
Bottoming out at 10 on Wednesday, July 21st. But over the following days experienced a steady climb up into the weekend. With the market out of extreme fear, overall market sentiments have improved.