Crypto Market Drops Back Into ‘Extreme Fear’ As Prices Struggle
17 Dicembre 2021 - 05:00PM
NEWSBTC
The crypto market has continued to struggle after running out of
steam with its last rally. During the last lap of the year, the
market as a whole is not doing too well, although prices of
cryptocurrencies are way higher than they were this time last year.
Nonetheless, there have been some interesting trends that have
emerged with the market crash that has seen prices stagnate at this
time. The Fear & Greed Index has shown that market sentiment
has gone into the extreme negative once again. With prices of top
assets like bitcoin and ethereum trading below important support
points, sentiment has fluctuated widely in the market but has
mostly stayed in the negative. This time around, market sentiment
has dropped low and landed in the ‘extreme fear’ territory. Related
Reading | Algorand, Solana, And More Lead List Of Biggest
Losing Altcoins Crypto Market Basking In Fear The crypto market has
spent a good portion of the month of December in the fear
territory. Market prices haven’t been the most favorable for the
month and investors remain incredibly wary of getting into the
market at such a time. Others have however seen this as a buying
opportunity like in the case of MicroStrategy, which bought an
additional 1,434 BTC bringing its total holdings to 122,480 BTC.
The aggregate for the month of November came out to neutral on the
sentiment side of things after a tumultuous end to an otherwise
wonderful beginning of the month. That has spilled into December as
Christmas rolls around. Market goes into extreme fear | Source:
alternative.me Yesterday the Fear & Greed Index had peaked at
29 on the chart, putting the market in the fear territory. This was
up a bit from last week where the market spent long stretches in
extreme fear. Today, market sentiment again rolled into the extreme
fear territory with a low 23 on the chart. The index being this low
shows that there are low buying pressures in the market and high
selling pressures. Sell-offs are still underway in various digital
assets that have seen their prices dip into the red. As the market
heads into the weekend which is usually characterized by low
volatility, will the market be able to pull itself out of extreme
greed? Bitcoin, Ethereum Suffer Losses Bitcoin had made a splash in
the market when it had hit its new all-time high slightly above
$69,000 at the beginning of November. This had sent the crypto
market on what would be a memorable bull run as Ethereum came close
to hitting the $5,000 mark not too long after. But this would only
be short-lived as the downtrend had begun not too long after.
Related Reading | Crypto Bull Cathie Wood Says Ethereum Is
More Undervalued Than Bitcoin For Bitcoin, the digital asset had
lost as much as $10,000 in a single day that sent it towards the
low $40,000s. Ethereum on the other hand had held out for a while
but succumbed to the downtrend in time. Bitcoin is now trading well
below $50,000 after failing to hold above this price point this
week. Ethereum is now trading below $4,000, a crucial support point
for the digital asset. At the time of writing, bitcoin is trading
at $47,141 and ethereum is trading at $3,826. Crypto total market
cap at $2.16 trillion | Source: Crypto Total Market Cap on
TradingView.com Featured image from Bitcoin News, chart from
TradingView.com
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