• The crypto market has seen a surge in prices this week, with Bitcoin (BTC) and Ethereum (ETH) leading the charge.
• Investor sentiment has shifted dramatically, pushing the Crypto Fear & Greed Index into “Greed” territory.
• Several new altcoins are also causing a stir in the market, such as Wall Street Memes (WSM) and yPredict (YPRED).
Surge of Crypto Market Prices
The crypto market sparked back into life this week, with most coins and tokens seeing significant price increases. Bitcoin (BTC) and Ethereum (ETH) are leading the charge, pushing their prices back above $30,000 and just below $1,900 respectively. Meanwhile, several other altcoins have also seen their value increase, including Bitcoin Cash (BCH), Polkadot (DOT), Cardano (ADA), Uniswap (UNI), Binance Coin (BNB), Dogecoin (DOGE), Litecoin (LTC) and more.
Positive Investor Sentiment
The shift in investor sentiment is evidenced by the Crypto Fear & Greed Index which is now sitting at 65 – firmly in “Greed” territory. This marks a stark contrast to April 16 when the index was last this high – highlighting how long it’s been since investors have shown such confidence in the crypto market.
New Altcoins Making Waves
Several new altcoins are also causing a stir in the market – with Wall Street Memes (WSM) and yPredict (YPRED) being two of the standout performers. WSM is a meme-based token that rewards holders for creating content on social media platforms like Twitter and Reddit while YPRED is an prediction platform that enables users to predict future events using its native token YPRED.
Rising Interest From Institutional Investors
The recent bull run has also caught the attention of institutional investors who have started to enter into positions within various coins and tokens. This includes names such as Tesla, which recently announced that it had purchased $1.5 billion worth of Bitcoin for its balance sheet reserves earlier this month. Other firms investing include MicroStrategy Incorporated who invested over $1 billion into BTC earlier this year as well as Square Inc., MassMutual Life Insurance Company, Ruffer Investment Company Limited amongst others.
Overall it appears that investor confidence has returned to the crypto market after months of stagnation following April’s dip in prices across many coins and tokens. Additionally, several new altcoins are making waves within the space while institutional investors continue to show increased interest in cryptocurrencies moving forward – all signs pointing towards further growth for digital assets during 2021.