CandleFocus Crypto market enters ‘greed’ zone as Bitcoin hikes further
2024-10-17
Author: Content Editor
The crypto market sentiment is shifting towards greed as leading digital assets continue to show bullish momentum. The crypto fear and greed index has entered the greed zone for the first time in six weeks, indicating slightly greedy market conditions. This is attributed to Bitcoin's recent rally, with its price increasing by 12% in the past week and briefly reaching a two-month high of $68,375. Currently, 95% of Bitcoin holders are in profit, leading to an expectation of short-term profit-taking. However, the number of daily active addresses in profit has declined, suggesting that some investors are anticipating further price increases. The increased demand for spot BTC exchange-traded funds in the U.S. is seen as a major reason behind the bullish momentum in Bitcoin.
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