Is the Crypto Market Surge Indicating The Bull Run Beginning?
The crypto market is officially out of the earlier slump, where the global market cap has dropped to $1.97 trillion, and Bitcoin was struggling at $53K, with other altcoins doing the same. However, as the market cap has recovered to $2.39 Trillion with a trading volume of $89.02 Billion, the condition has turned slightly bullish.
A lot has happened since the crypto market crash at the beginning of the month, allowing many crypto defying the crash and create new ATHs like MOG, OM, Why, and many others.
Why Is the Crypto Market Surging Today?
The crypto market is up today, which can be concluded from the fact that the cryptocurrency values have surged significantly. The Bitcoin price has surged to $64.6K, the Ethereum is up to $3.4K, and the same is the case with most cryptos. Additionally, the crypto market heatmap shows most cryptos in green, indicating new gains.
Lastly, the investor sentiments are closer to greed as the score has changed from 40 to 58 in the last few days. This is not happening casually, as multiple factors have pushed the crypto market toward the bull run.
Donald Trump Supports Crypto Market
Since the acknowledgment of the US Presidential election, Donald Trump, the ex-President, and the presidential candidate, has shifted his interest toward cryptocurrency users. He has become vocal about supporting the industry and is joining the biggest crypto event, Blockchain Conference 2024, to talk about crypto regulations.
Earlier in the year, he addressed himself as the “Crypto President” and recently promised people to make the Crypto ‘Made in America.’ The biggest representation of the support is visible with Donald Trump choosing JD Vance as the Vice presidential candidate, a crypto supporter known to carry $250,000 worth of Bitcoin in his portfolio.
Some call it a political tactic, while others call it a change of heart. It is because Trump has been part of the NFT industry, making it just a minor shift to the crypto industry.
Bitcoin Sentiments Turn Greedy
Around July 12, the Bitcoin sentiments reached extreme fear because of the high selling pressure past the crypto market crash. However, that has changed today as the user sentiments have turned to greed, causing the Bitcoin price to surge.
This change in user sentiments indicated the investors’ rising confidence, which is the result of the high Bitcoin ETF inflow. Based on Spontonchain reports, the Bitcoin ETF inflows have been consistent for eight days now, with a massive $423 Million inflow on July 16, the highest since May. This has boosted the user’s confidence in this digital asset.
Moreover, the Blackrock CEO, in a recent interview, said that,
Bitcoin is a legitimate financial instrument that allows you to have uncorrelated types of returns and is a digital gold.
He further explained why he believes Bitcoin is worth holding and how he was skeptical about it years ago, but that has changed with his research, as he has realized its worth.
Ethereum ETF Approval
After the Bitcoin ETF approval, the eyes were on the Ethereum Spot ETF because of the SEC’s disapproval of its Ethereum status. However, despite the challenges and SEC reference on Ethereum as Security, the Ethereum ETF trading is going live next week on July 23.
It has been a significant factor in pushing the entire crypto market. Now, the companies and investors are preparing for other crypto ETFs. Many analysts have claimed to witness high inflows with ETH ETF, surpassing Bitcoin in this race, making it more interesting.
Has The Bull Run Begun?
The crypto market sentiments are not entirely bullish yet, but it is closer to that with favoring surges in the asset price. Additionally, the popular cryptos have witnessed a significant inflow where the last week brought $1.44 billion in inflows per a recent report. In this, Bitcoin is responsible for $1.35 billion of inflows, whereas Ethereum is responsible for $72 million, indicating the early Bull run condition.
The bull market is due to the Bitcoin halving event in April, and based on the record, the current time represents the pre-bull run zone where the market consolidates often before turning entirely bullish.
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