Crypto market enters ‘greed’ zone as Bitcoin hikes further

Crypto market sentiment is seeing a major shift as leading digital assets continue their upward momentum.

According to data provided by CoinMarketCap, the crypto fear and greed index entered the 60 region today, indicating slightly greedy market conditions.

BTC price and crypto fear and greed index – 21 Oct 17 | Source: CoinMarketCap

This was the first time the crypto market hit greed territory in six weeks; He was last seen on July 31. The biggest decline occurred in early August when the Bitcoin (BTC) price fell below the $54,000 level.

The recent market-wide recovery follows Bitcoin’s bullish momentum. BTC price has been rising steadily since October 10, recording a 12% increase in the past week. Bitcoin briefly touched a two-month high of $68,375 on October 16.

Despite a slight correction, Bitcoin is still up 0.3% over the last 24 hours and is trading at $67,350 at the time of writing.

According to data from IntoTheBlock, 95% of Bitcoin holders are currently in profit, 3% are approaching their initial investment and 2% are suffering losses.

At this point, short-term profit taking may be considered normal due to the increasing number of profit holders.

On the other hand, the number of profitable daily active addresses decreased from 112,780 to 91,160 unique wallets between October 15-16. This decline suggests that some investors may be aiming for further price gains rather than taking immediate profits.

DAA in the snow – 17 October | Source: IntoTheBlock

One of the main reasons for Bitcoin’s bullish momentum is the increased demand for spot BTC exchange-traded funds in the US. According to Crypto.news report, these investment products recorded net inflows of over $1.6 billion in the last four days; This figure reached $458.5. There were million entries on October 16 alone.