After the FTX debacle, the cryptocurrency market collectively collapsed.
At that time, the investors expressed concerns about the stability of the industry.
However, recently Bitcoin which is also the world's largest cryptocurrency, soared surpassing $21,000 in over two months.
Not only Bitcoin price but other crypto tokens joined this crypto rally. ETH price is also up by 19.98% in the last 7 days.
As per the report, Noelle Acheson in the newsletter “Crypto Is Macro Now” wrote that FOMO is likely to play a role in how the market evolves from here.
Also, Matt Maley, chief market strategist at Miller Tabak + Co wrote that the Bitcoin surge is among the signs that “there’s still a lot of froth in the marketplace”.
He further added that “investors continue to ‘act’ in a much less bearish way than they ‘speak,’.