The crypto market is showing a renewed optimism following a slight price increase in several major cryptocurrencies over the past 24 hours.
Restoration of Stability Hopes
The Crypto Fear & Greed Index rose to 'Greed' on Thursday with a score of 60 out of 100, recovering from a drop into 'Neutral' the day before. This followed several volatile days in the crypto market as Bitcoin (BTC) fell to $112,000 over the weekend just weeks after hitting an all-time high of $123,100 in mid-July.
Analysts Predict 'Bullish Breakout'
The uptick in sentiment was echoed through analysts' commentary on Thursday. MN Trading Capital founder Michael van de Poppe stated that 'Bitcoin is back to resistance and consolidates here. This test should likely bring the bullish breakout.'
Overall Trend in Crypto Market
Other cryptocurrencies are also moving higher: Ethereum (ETH) posted gains of 2.37%, XRP increased by 2.14%, and Solana (SOL) rose by 3.26%. Analysts suggest that the current dynamics indicate that market participants view modest price gains as signs of stability in the near term.
The return of confidence among crypto market participants and the rise in prices of key assets may signal opportunities for further gains in the near future.
