In the last few days, the crypto market has been buzzing. Bitcoin crossed the $30,000 mark after multiple attempts and leading altcoins also surged in volume and value. Notably, the crypto fear and greed indicator recently crossed the 60% mark.
Late in June, the fear and greed indicator level was around the 59% mark for days. The relatively higher value now indicates a more bullish outlook in the general market. The crypto fear and greed indicator can be used to determine when the market is “overbought” or “oversold.” The current status of the indicator reveals that the market is gradually approaching the oversold region.
Hence, while the current prices of cryptocurrencies may not be the best prices to hop in, investors still have the chance to secure some profits before the market becomes overbought.
Crypto Prices Bounce Back From June Scare
This recent sentiment is an impressive comeback from the dust. Bitcoin plummeted below the $25,000 mark in mid-June, and many altcoins followed suit in depreciating. For a moment, it seemed like the market was returning to its last year’s lows. The slight price dip experienced in June was partly influenced by the SEC. The US Securities and Exchange Commission squarely attacked Binance, Coinbase, and a few other well-known crypto organizations.
The attack apparently impacted a little fear in the crypto ecosystem. However, with the current prices of most of the leading cryptocurrencies, investors seemed to have recovered from the fear. BTC now trades around $31,000, while ETH is just a few dollars shy of the $2000 mark.
Interestingly, LTC has seen a more impressive surge. The payment coin surged by over 20% in the past week, retaining a top-ten position in the crypto ranks. The recent surge has been linked to Litecoin halving, which is expected to take place in August 2023. Many cryptocurrencies that are mined experience halving events from time to time and this is usually followed by a value surge.
Notably, BCH has also appreciated significantly recently. At the start of June, BCH was valued at $112. The Bitcoin alternative is now valued at $283, boasting a 152% increase in just over a month. Interestingly, while many crypto assets have recorded huge gains in the last few weeks, a handful, like XRP and BNB, are yet to surge significantly.