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 $1,270 billion which is significantly higher than level of the previous week.
Bitcoin’s price made a strong jump upward of over 20%, with Bitcoin’s market dominance rising well above 50%. Bitcoin’s market cap increased to $667 billion.
Ethereum’s (ETH) market dominance, on the other hand, remained almost the same at 17.4%, while the number two coin’s market cap increased to $216 billion.
Bitcoin points crypto market the way up
Bitcoin has shown the crypto market the way up through a price explosion of over 20%. In the process, BTC attacked the $35,000 barrier, easily passing the $30,000 hurdle that proved too strong in recent months.
The optimism was fueled by newly launching Bitcoins and especially their expected approval by U.S. financial watchdogs such as the SEC. Parties such as Grayscale, Blackrock and iShares are lined up to launch spot ETFs, i.e., with Bitcoin as the underlying asset. Although approval from the SEC and others is still (far) away, investors are already taking a shot. Sentiment is positive for now, although we have often seen that the mood in the crypto market can often turn as quickly as the weather (in the Netherlands).
Fear & Greed Index sharply in recovery to ‘Greed’ position
The value of the Fear & Greed Index, compiled by Alternative.me, rose sharply over the past week from ‘Neutral’ level of 52 to as high as the ‘Fear’ level of 71. Last month’s value was 46 indicating that, on balance, crypto investor sentiment improved significantly last month.