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BTC surges toward $16,000 as crypto market exhibits ‘extreme greed’

Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin ( BTC) is up another 8.8% over the past 24 hours after increasing by 5.7% yesterday. The cryptocurrency market leader’s seven-day gain now sits at an impressive 16.7%.

The strength of the first and foremost cryptocurrency has injected confidence into the altcoin market, as well. The price of Ether (ETH) is up 7.7%, while Polkadot (DOT), Chainlink (LINK) and Litecoin (LTC) are up 8.5%, 9.1% and 11.1%, respectively.

The total cryptocurrency market capitalization has surged another 7.8% since this time yesterday. It now sits above $450 billion as BTC dominance now measures 64.4% on CoinGecko.

Though the cryptocurrency market is on an absolute tear, the Crypto Fear & Greed Index is currently measuring levels very close to its all-time high. Today, the index is sitting at 90, which represents “extreme greed.” The all-time high measurement was 95 on June 26, 2019. The metric is frequently used as a counter-indicator and has a solid track record of indicating when the market is overexuberant or overly fearful.

Top altcoin gainers and losers

  • CVC/USDT +38.25%
  • AAVE/USDT +33.84%
  • CRV/USDT +31.25%
  • EC/USDT -24.08%
  • BOX/USDT -25.32%
  • NDN/USDT -25.46%

It’s been a strong past 24 hours for major decentralized finance tokens, with AAVE, CRV and Uniswap’s governance token, UNI — which is not listed above but occupies fourth place — all seeing gains above 31%.

Visit https://www.okex.com/ for the full report.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.

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