The fear and greed index has been updated to “greed” as Bitcoin hits $ 42,600.
Bitcoin has seen a revival in price after twelve consecutive days of bullish momentum. Bitcoin has seen twelve green days for the first time since February, as it headed towards its previous all-time high.
However, after falling dramatically to $ 29,000 in July, Bitcoin is up nearly 45% in less than two weeks. The fear and greed index, currently at $ 41,600 as of Sunday, has shifted to 60, indicating greed in the market. The momentum shift occurs a month after the fear and greed index was 21 or extreme fear.
Bitcoin’s price surge was due in part to this week’s outflows from the exchanges, according to on-chain analytics firm Santiment. Santiment tweeted, “Bitcoin’s barter was a major initiator of the outbreak we saw this week. The price of BTC has hit $ 42.5,000 and there have been tremendous swings in exchange activity that encouraged coins to be withdrawn from the exchanges on Monday, Wednesday and Thursday to drive prices higher.
Large outflows of BTC this week, on three different days, were clearly an indicator of buyers buying Bitcoin and pulling it off the exchanges, reducing liquidity.
Ethereum is also recovering
Similar to Bitcoin, Ethereum has seen twelve consecutive days of bullish momentum. Etheruem hit $ 2,638 on Sunday. The recent price spike means Ethereum has hit a new month and a half high.
The ETH 2.0 staking has also seen a dramatic increase in the Ethereum stakes. Over 6.66 million Ethereum are currently staked on the staking platform. Currently valued at $ 17.1 billion.
Moskovski Capital’s Chief Investment Officer Lex Moskovski believes Ethereum is currently facing a supply shortage. Moskovski repeated that the Ethereum supply on the exchanges had been used up. While the supply of Ethereum in smart contracts is continuously increasing.
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