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Bitcoin Proves Bull Market Status as Cryptocurrency Market Surges

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Bitcoin,Cryptocurrency,Bull Market

The cryptocurrency market shows signs of a bull market as Bitcoin and altcoins experience significant gains. Bitcoin reaches $72.8K, just below its all-time high, while Ethereum surpasses $3700. The market's Fear and Greed Index reaches extreme greed levels.

The cryptocurrency market added 2.2% in 24 hours to $2.66 trillion, with heavy buying in “older” altcoins. The Cryptocurrency Fear and Greed Index climbed to 80 – extreme greed – the highest since 27 March.

Ethereum rallied throughout Monday, adding about 10% and surpassing $3700, its highest since March 15. There has been a pullback since Tuesday morning, but it looks more like an attempt to take profits after six consecutive days of gains than the start of a decline. Technically, the bullish signal in ETHUSD’s rise is a sharp move above the 50-day moving average on Monday. An equally strong downside momentum would be required to reverse the positive scenario.

Cryptocurrency market capitalisation will double to over $5 trillion in 2024, according to Ripple CEO Brad Garlinghouse. He said he is “very optimistic” about the emergence of spot bitcoin-ETFs in the US, which are “bringing real institutional money to the table for the first time”.

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