Bit-comment: Crypto market jumped to greed territory

After the battle for threshold $9K, the Bitcoin bulls still took the initiative, and on Wednesday morning the benchmark cryptocurrency traded around $9,400, adding 3.5% over the last 24 hours. This price dynamics takes place along with a stable high trading volumes. The bears have retreated, giving the $9,000 mark to the bulls. The Bitcoin dominance index has stopped falling and has been around 66% for some time.

Altcoins are attracting higher demand compared to recent months, but Bitcoin is still in the spotlight of investors. The growth may be driven by the same factors, including the pandemic and institutional investors’ interest in the first cryptocurrency. The Bitcoin Greed and Fear Index moved to “greed” territory at 57. Analysts agree that optimism should be moderate, as Bitcoin will have to prove that it can hold on above $9K before it gets a new impetus from the demand.

The FxPro Analyst Team