Weekly Crypto Digest: Bitcoin rebounds from $26,000 barrier

The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. According to coinmarketcap.com, the total crypto market cap is currently around $1,070 billion, slightly higher than last week’s reading.

Bitcoin’s market dominance has increased slightly to 49.5% over the past week. In doing so, Bitcoin’s market cap also increased slightly to $526 billion.

Ethereum’s (ETH) market dominance remained the same at 18.5%, while the number two coin’s market cap rose to $198.6 billion.

Bitcoin rebounds from $26,000 mark

Once again, the crypto market has not advanced much on balance over the past week, still quoting around $1,000 billion. Bitcoin, on the other hand, does seem to be resuming its upward trajectory and has rebounded from the $26,000 support zone. For months now, Bitcoin has been consolidating between the $25,000 and $30,000 mark.

The dollar has picked up recently, partly on expectations that the U.S. Fed will raise interest rates 1 more time in the coming months. Normally, this causes downward pressure on Bitcoin, among others. Only BTC has managed to attack toward $30,000. This may indicate that investors still see Bitcoin as a haven in the form of “digital gold.
Despite the recent recovery, Bitcoin is still in a wide trading range of around $5,000 and it remains to be seen whether the price will manage to break out of this in the near term.

Fear & Greed Index consolidates in ‘Fear’ mode

The value of the Fear & Greed Index, compiled by Alternative.me, fell slightly to ‘Fear’ level from 47 to 46 over the past week. Last month’s reading was 39 showing that crypto investor sentiment did drop significantly last month.