It has been a great week for the crypto markets. Goldman Sachs has revamped their page to signify a bullish feeling about crypto and with the news surrounding oil/gas prices, this has arguably all contributed to a very good week of price activity.
On Thursday the entire crypto market rallied to $2 trillion. This is the first time in three weeks that the markets have reached this value. However, with Bitcoin hovering at $44k this all feels a bit more bullish this time. Ethereum has also passed $3k and although a reset might be on the horizon some positive price activity has been a welcome sight for us crypto guys.
Before we get into the ins and out of why this might be it is good to note the fear that has circulated the crypto markets for several months now. At the same stage last year it would have been hard to believe that these prices would be cause for celebration but bull runs are never as predictable as some crypto influencers might want you to believe.
Bitcoin’s Fear And Greed Index
Bitcoin’s fear and greed index have for a long time been in a state of extreme fear but now for the first time in several months the status has been upgraded to simply just ‘fear’. For those who don’t know this index is designed to get some sense of the general consensus of the public’s attitude to buying Bitcoin. In recent times it has been stuck on extreme fear since the markets crashed quite significantly and there were fears that the bull run was over and the bear market had fully returned.
Many are speculating that the recent trend in prices comes from the conflict which is currently occurring in Ukraine. Sentiment for crypto is stronger than ever as many are now questioning how far will gas/oil prices spike and for how long will our financial systems remain sustainable? Many high profile experts who have no connection to crypto predict that this year we will witness the worse financial crisis since records began. This should all support the use of crypto and this in the long term will make other ways to hold their capital.