Bitcoin, Ether, XRP price bump pushes market sentiment to ‘Greed’

Sentiment among crypto market participants has again turned bullish following a modest price increase in several major cryptocurrencies over the past 24 hours.

The Crypto Fear & Greed Index rose to “Greed” on Thursday with a score of 62 out of 100, recovering from a drop into “Neutral” the day before. It followed several volatile days in the crypto market as Bitcoin (BTC $114,759) fell to $112,000 over the weekend, just weeks after hitting an all-time high of $123,100 in mid-July.

Sentiment bump shows market anticipates stability

The index’s return to “Greed” came as Bitcoin rose 1% over the past 24 hours, trading at $114,298, according to Nansen.

Bitcoin is trading at $114,298 at the time of publication. Source: Nansen

The slight price uptick, along with the bump in sentiment, signals that market participants view the modest gain as a sign of stability in the near term. 

Meanwhile, onchain analytics firm Glassnode said on Wednesday that profit-taking among Bitcoin Short-Term Holders — those holding for less than 155 days — has “cooled off.”

The broader crypto market also moved higher. Ether (ETH $3,702) posted gains of 2.37% over the past 24 hours to trade at $3,664 at the time of publication, while XRP (XRP $3.00)posted gains of 2.14% to trade at $2.97, and Solana (SOL $169.68) posted gains of 3.26% to trade at $167.38.

Analysts say Bitcoin on for “bullish breakout”

The uptick in sentiment was echoed through analysts’ commentary on Thursday, with MN Trading Capital founder Michael van de Poppe saying on X that “Bitcoin is back to resistance and consolidates here. This test should likely bring the bullish breakout.”

Crypto trader Galaxy said the last time Bitcoin saw similar volatility was in November, before it climbed from around $70,000 to $100,000 by Dec. 5 during a month-long rally following Donald Trump’s US presidential election win.

Crypto trader Ted predicted that Bitcoin may reach new highs of $125,000 soon, while noting that it would trigger $18 billion in liquidations.