The main reason for the recent surge could be bitcoin’s price increase. The asset has added approximately 25% to its USD value since the start of the year, currently trading at around $20,800. ItDespite the promising results, though, the Bitcoin Fear and Greed Index has now returned to the state of “Fear,” dropping to 45.
The entire digital asset sector has seen moments of revival over the last several days, with the global crypto market capThe last time bitcoin started the year that well was at the beginning of 2021, which prompted some analysts, such as Glassnode’s James Check, to envision the end of the prolonged bear market.that the two leading cryptocurrencies by market cap – bitcoin and ether – have seen little volatility in the past few weeks.
“It really is quite remarkable, and there are very few instances in history where bitcoin and any digital asset really goes to sleep to this level on a volatility framework.” Bitcoin’s price was relatively flat between December 2018 and March 2019, hovering around $3,500. In April, though, it started a rally that lasted until July .
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