Bitcoin reclaims $62,000 as Fear and Greed Index hits neutral

Bitcoin has finally reclaimed the $62,000 level as the crypto Fear & Greed Index hits neutral. Ethereum jumped double digits in the last 24 hours, reclaiming the $2,600 level.

Cryptocurrencies, in general, have resumed their upward trend after the week began on a negative note with a major slump. Monday’s market crash witnessed Bitcoin dropping to a low of $49,000.

Ethereum was no exception, as it plunged to a low of $2,100. The total crypto market cap also dropped to the $1.8 trillion level amidst the bloodbath.

However, over the past few days, the crypto market has been on a steady trajectory, with the global crypto market cap up by over 6.4%, standing at $2.13 trillion. CoinMarketCap data shows that Bitcoin touched $62,600 briefly before falling to its current price of $60,900.

Ethereum displays double digit gains

Ethereum has defied all odds and staged double digit gains in the last 24 hours. A recent report by QCP Capital mentioned that Ethereum is continuing to underperform amidst the market recovery.

However, in the last 24 hours, Ethereum has been up by almost 11%. ETH reclaimed the $2,700 level and is now trading at $2,680 at press time.

Other altcoins are no exception, as Solana surged from a low of $110 amidst the market crash to its current price of $157.  The crypto market, which was in extreme fear in the past few days, has climbed to neutral at 56.

Bitcoin’s jump liquidates almost $100 million in shorts

According to Coinglass data, the recent jump in Bitcoin’s price has liquidated almost $100 million worth of short or bearish calls. Additionally, Ethereum short liquidations crossed $50 million.

As per the data, over 52,000 traders were liquidated, with liquidations coming in at $221 million. Coinglass data shows that the largest single liquidation happened on Binance, which was valued at $12.99 million.

Bitcoin’s daily new addresses have also been showing an interesting trend as the price surges. As per IntoTheBlock data, since November 2023, the number of daily new addresses has been on a downward trend.

Bitcoin's New Addresses Show Renewed Interest

Since November 2023, The number of daily new addresses has trended downward, a bearish signal indicating fewer new participants, particularly on the retail side.

However, the trend seems to be shifting, with the number of new… pic.twitter.com/EpAjaqpcZG

— IntoTheBlock (@intotheblock) August 8, 2024

 

IntoTheBlock pinpointed that this was a bearish signal coming in from the retail side. However, the latest data shows a shift in this trend, as the number of new addresses has been on an upward trend in the past few weeks. This shift in trend is seen as a renewal of interest from retail investors.