XRP & ADA catches the eye with massive gains while Bitcoin price sustains above $47,200
The past seven days have been a wild ride, with the bulls dominating this time around. As the total crypto market cap crosses the $2 trillion mark again, the anticipation of another rally has peaked. Bitcoin price is currently trading at $42,277, recording an 8% gain over the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price needs to hold ground
Over the past few months, the market weekends have been particularly tough. Will this weekend be a pleasant ride up, or will the market go down again?
With BTC testing the $47,000 mark, speculations on market sentiment over the weekend have been formed. Although the ride has been smooth so far, there are clear signals for continuing the bull cycle. Furthermore, things are getting nasty as BTC faces a significant resistance level.
There has been no significant spike in Bitcoin daily active and active addresses. While that’s not a particularly bad sign, the Bitcoin Dominance drop and swing at 44.1% shows that its market dominance has taken a step back.
Extreme greed is back in the cryptocurrency market, as BTC has added roughly $20,000 since its July drop and tapped $48,000 earlier today, as AZCoin News reported.
The Bitcoin Fear and Greed Index estimates the general feelings regarding the primary cryptocurrency by following several aspects. Consequently, the index was deep in a state of extreme fear with a low of 10 for numerous weeks after BTC started its USD descend in mid-May. However, the situation began to change after BTC bounced from its latest sub-$30,000 adventure. The index went into a state of Greed at and above 50 for a while. However, it has jumped into “Greed” once more now at 71.
Crypto Fear & Greed Index as of August 15 | Source: Alternative.me
With Bitcoin Dominance dwindling, altcoin wall season is expected. However, in the current case, the market continues to trend in favor of the king coin. The altcoin season index is as low as 6, which means it’s Bitcoin season. According to this data site, altcoin season occurs when 75% of the top 50 coins outperformed Bitcoin last year (90 days). Since the same has not been noticed happening in the market, the ongoing season still has Bitcoin inscribed.
Source: Blockchain center
With altcoins like Cardano, XRP, MATIC, and Dogecoin all rallying in the last week, the market has also been bullish on it. Though XRP and Cardano have been getting the lion’s share of attention after their pumps, Ethereum’s three-month high of $3,329 has been a nice surprise. Miners balances have notably shot up to a 3-month high of 130.82k ETH recently.
Similarly, the Ethereum fear and greed index – which works the same but tracks ETH instead of BTC – is very close to such a state of “Extreme Greed.” The second-largest cryptocurrency has also been on a roll lately, almost doubling its value in less than a month.
Source: Ethereum Fear and Greed Index
Looking at this, it ideally should be the onset of an alt season, but that wasn’t the case. Either way, the chances of a significant dip over the weekend were unlikely. However, with a correction in BTC prices, the market could see a minor correction too. Other than that, most metrics highlighted healthy signs.
- Bitcoin Price Managed To Reclaim The $48,000 But Bears Are Sending It Down Nearly 5%
- Following The Stock-To-Flow (S2F) Model, Bitcoin Price Is Heading At $135,000 By The End Of December 2021