2024-4-24 14:31 |
Cryptocurrency prices remained steady this week as investors assessed the impact of last Friday’s Bitcoin halving and the performance of Bitcoin ETFs. Bitcoin’s recovery has stalled at $66,000 while the total market cap of all cryptocurrencies moved to over $2.46 trillion. Algotech, an upcoming algorithmic exchange, has raised over $4 million from investors.
Crypto fear and greed index is risingThe price of cryptocurrencies has jumped sharply in the past few days. Bitcoin has risen by over $6,000 from its lowest level this month after the halving event. Ethereum price has also soared from $2,900 to over $3,270.
Other top-performing cryptocurrencies were the likes of Hedera Hashgraph and meme coins like Bonk, Pepe, and Book of Meme.
This performance has pushed the crypto fear and greed index to the greed zone of 64, which is higher than this month’s low of 55. In most cases, cryptocurrency prices tend to do well when investors are getting greedy.
This greed is happening at a time when traders are focusing on three key factors. First, there are signs that investors are embracing a risk-on sentiment in the market as geopolitical risks fade. This performance happened after Israel launched a limited retaliatory attack on Iran.
As a result, most analysts believe that the war will not escalate, which explains why the price of crude oil has retreated. Brent dropped to $88 while the West Texas Intermediate (WTI) moved to $82.7. Gold has dropped to $2,330 while silver has moved to $27.
Second, cryptocurrencies have also rebounded because of the weaker US dollar. The dollar index has pulled back to $105.40, down from the year-to-date high of $106.25.
Finally, the coins have risen as signs emerge that volume among all cryptocurrencies has jumped recently. For example, the volume of Bitcoins jumped to over $23 billion in the past 24 hours while that of all coins stood at over $89 billion.
Algotech token sale is continuingMeanwhile, Algotech has continued its token sale as the developers raised over $4 million, which is a remarkable progress. The developers have sold over 100.5 million tokens in this period, with 32 million of them remaining in the current stage 3.
Algotech is aiming to become a leading player in the cryptocurrency industry by introducing a decentralised algorithmic trading platform. The benefit of this technology is that it can generate more returns for its investors than manual trading.
Manual trading has several limitations such as limited analytical capabilities, subject to biases, and inconsistency in execution. Algorithmic trading, on the other hand, has more benefits as bots work for longer hours since they don’t get tired.
Algotech will have advanced artificial intelligence (AI) tools, have a robust infrastructure, and have decentralised capabilities. It will leverage key strategies like trend following mean reversion, breakout, and arbitrage. It will be powered by the ALGT token. You can buy the ALGT token here.
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