Hassan Maishera
TL;DR
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Bitcoin is trading at around $29,700 per coin after adding more than 1% to its value.
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The Fear and Greed Index has been improving and now stands at 53.
Bitcoin Tops $29,600
Bitcoin’s performance has improved this week. The world’s leading cryptocurrency by market cap is up by more than 1.5% over the past 24 hours and is now trading close to the $29,700 mark.
The positive performance comes as the market sentiment has improved in recent days. The Fear and Greed Index measured by Coinmarketcap stood at 50 earlier this week but currently stands at 53.
The Crypto Fear and Greed Index provides a score of 0 to 100, categorising bitcoin sentiment from extreme fear to extreme greed. Most crypto traders use the index to help them find the right time to enter and exit the market.
Experts believe that $30k is still a crucial level for Bitcoin as it could serve as support for another rally. Vivien Fang, head of trading products at Bybit, told CoinDesk in a note that Bitcoin could be heading to the $40k mark if it can push past the $30k level and maintain its price above that threshold. She stated that;
“Our attention is on catalysts toward year-end, potentially linked to ETF narratives or industry-transforming events. The alignment between speculative strategies and these kinds of pivotal events could combine to form significant tailwinds for the crypto market.”
Solana is the best performer amongst the top 10 cryptocurrencies by market cap, adding nearly 5% to its value over the last 24 hours. The broader crypto market added $200 million to its market cap in the last few hours. At press time, the total cryptocurrency market cap stands at $1.18 trillion, up from the $1.16 trillion reported yesterday.
