- The crypto market is rallying today, with Bitcoin nearing $80k.
- The Crypto Fear and Greed Index has jumped to 60.
- Bitcoin and other crypto ETFs have added assets this month.
The crypto market is going up today, with Bitcoin nearing the important resistance level at $80,000 and the valuation of all coins rising by 1.85% to $2.6 trillion. SPX6900, Aerodrome Finance, Sei, and edgeX were among the top gainers.
Crypto Market Rally as Fear and Greed Index Rises
The crypto rally is driven by a risk-on sentiment among investors. Data shows that the Fear and Greed Index has moved to the greed zone of 60.
The Crypto Fear and Greed Index is a gauge that considers key metrics such as Bitcoin’s price, futures open interest, volume, and social media activity. In most cases, Bitcoin and other altcoins normally do well when there is a sense of greed in the market.
Greed normally leads to a risk-on sentiment among investors. Indeed, data shows that the volume in the crypto industry has jumped by 16% to $154 billion in the last 24 hours. The futures open interest has soared to over $130 billion.
READ MORE: Cardano Price Eyes Rebound Despite Falling Chain Fees
The crypto rally is also mirroring the performance of American stocks, with popular indices like the Dow Jones Industrial Average, Nasdaq 100, and S&P 500 hitting record highs this week. In some cases, there is usually a close correlation between Bitcoin and the stock market.
The rally is taking place amid the ceasefire between the US and China. In a statement on Wednesday, Trump noted that the ceasefire had no deadline, meaning that there will be no fighting between the three sides: Iran, Israel, and the US.
The main risk of the open-ended ceasefire is that it is pushing crude oil prices higher. Data shows that the Brent and WTI benchmarks have soared over the past few days, which may lead to higher inflation.
Meanwhile, inflows into Bitcoin and altcoin ETFs have soared. Bitcoin has added nearly $2 billion in assets this month. Ethereum has seen over $500 million in inflows. Other funds, such as XRP and Solana, have also added assets this month.
Bitcoin Price Ascending Triangle and Supertrend Indicator
Meanwhile, the Bitcoin price has formed an ascending triangle, a common bullish continuation pattern in technical analysis. It has also moved above the Supertrend indicator and the 50-day and 100-day moving averages.
Rising above these indicators is a sign that bulls have prevailed, which may push it to above $80,000. Such a move would lead to more gains among other altcoins. Historically, altcoins like Ethereum, Hedera, and Sui have performed well during Bitcoin rallies.
READ MORE: NVIDIA Stock Price May Jump to $250 Soon: Here’s Why
