2024-2-11 06:51 |
Investors are turning greedy as they embrace a risk-on sentiment in the market. The CNN Money fear and greed index has moved to the extreme greed zone of 78 as American stocks surged to their record highs. The S&P 500 index even crossed the important resistance point at $5,000 for the first time on record.
Crypto fear and greed index risesMeanwhile, the crypto fear and greed index tracked by CoinMarketCap, has jumped to the greed area of 66. It had remained at the neutral point of below 60 in the past three weeks as Bitcoin price and daily volume eased.
The index jumped after the recent price action in the crypto industry. Bitcoin jumped to over $47,000 and is just a few points below the YTD high of $49,000. Other popular cryptocurrencies like Tron, Dymension, and Solana have also surged in the past few days.
There are a few catalysts for this trend. First, investors have embraced a risk-on sentiment as hopes that the Federal Reserve will cut interest rates in the coming months. Besides, inflation has eased in the past few months while there are signs that economic risks are growing.
For example, there is a major risk in the commercial real estate industry, which is impacting regional banks like New York Community Bank. Further, credit card delinquencies have surged to a record high.
Second, there are indications that investors are starting to buy spot Bitcoin ETFs. Recent data shows that ETFs by Blackrock and Fidelity have attracted over $6 billion in inflows and the trend is set to continue in the coming months.
Further, there are hopes that Bitcoin will do well ahead of the halving event, which is scheduled for April this year. Halving is an important thing because it constrains supply by reducing the amount of coins that can be produced.
Bitcoin Dogs could benefitThe ongoing crypto bull run could benefit an upcoming cryptocurrency known as Bitcoin Dogs, which will launch its token sale next week. You can find the token page here. Bitcoin Dogs, whose token will be $ODOG, will be a cryptocurrency minted on Bitcoin’s network.
We have seen strong demand for Bitcoin-based projects recently. Internet Computer, which launched its Bitcoin twin known as ckBTC has grown to become one of the biggest players in the crypto industry. Similarly, Bitcoin NFTs like Ordinals are doing well while Stacks, a layer-2 network for Bitcoin has done well.
Further, there are signs that there is demand for new cryptocurrencies. For example, Dymension, which went public this week, has become a billion-dollar platform. Other fast-growing new cryptocurrencies are Sui, Sei, and Mantra. Therefore, there is a likelihood that Bitcoin Dogs will do well during its token sale and when it finally goes public. According to its white paper, Bitcoin Dogs will have four key parts, including a 10K NFT collection, a game, the $ODOG token, and the community.
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