The crypto market sentiment is experiencing a significant shift as leading digital assets continue their bullish momentum. According to data from CoinMarketCap, the crypto fear and greed index entered the 60 zone today, indicating slightly greedy market conditions.

This is the first time the crypto market has reached the greed zone in six weeks, last observed on July 31. The major drop occurred in early August when the Bitcoin price plunged below the $54,000 mark.

Bitcoin’s Recent Performance

The recent market-wide rebound is largely attributed to Bitcoin’s bullish momentum. The BTC price has consistently risen since Oct. 10, recording a 12% surge over the past week. On Oct. 16, Bitcoin briefly touched a two-month high of $68,375.

Despite a slight correction, Bitcoin is still up 0.3% in the past 24 hours and is trading at $67,350 at the time of writing.

Holders’ Profitability

According to data from IntoTheBlock, 95% of Bitcoin holders are currently in profit, 3% are close to their initial investment, and 2% are experiencing losses.

At this point, short-term profit-taking would be normal due to the increased number of holders in profit.

On the other hand, the number of daily active addresses in profit declined from 112,780 to 91,160 unique wallets between Oct. 15 and 16. This downshift indicates that some investors might be anticipating a further price hike instead of taking profits immediately.

Factors Driving Bitcoin’s Bullish Momentum

One of the primary reasons behind Bitcoin’s bullish momentum is the increased demand for spot BTC exchange-traded funds (ETFs) in the U.S. These investment products recorded a net inflow of over $1.6 billion over the past four days, with $458.5 million in inflows on Oct. 16 alone.

Stay updated with the latest news and trends in cryptocurrencies, investing, and finance. Explore more news on Global Crypto News.

#DigitalCurrency #CryptoLife #Crypto

Post Views: 4