The BTC Fear & Greed Index went back to ‘extreme fear’ as Bitcoin remained beneath the crucial $40,000.
Bitcoin could not reclaim the $40,000 value area after losing the zone early this weekend. The bellwether crypto lucked enough momentum in its few attempts to rally higher. The overall cryptocurrency market remained somewhat calm today, with Ethereum sitting under $3,000.
BTC Stalls Under $40K
Bitcoin went offensive after Monday’s drop, adding several thousand dollars within a few days. That saw the world’s leading crypto breaking past the January 2021 record highs of $42,00 and extended upside.
That triggered price surges towards the 10-day peak near $43,000. Nevertheless, bears joined in this area and prevented further price surges. That had BTC reversing its trajectory, registering retracements.
Meanwhile, the downward price move was somehow sudden as the crypto plummeted beneath $40K within hours. Bitcoin dropped to levels beyond $39,000. The crypto attempted to regain ground but could not topple the $40K level. For now, the crypto hovers around this value area, with its market cap standing around $750 billion.
These adverse conditions triggered a shift in the market sentiment. That had BTC Fear & Greed Index staying in the extreme fear region.
The altcoin market saw enhanced volatility over the week, with most alternative tokens trailing Bitcoin’s trend. For instance, Ethereum plummeted from its ten-day highs of $3,200 to levels under $3,000 within a couple of days. While publishing this post, Ethereum traded at $2,950.
However, the altcoin space remained relatively calm over the past day. Shiba Inu, Binance Coin, Polkadot, and Solana stayed briefly green, whereas Cardano, Terra, Avalanche, Dogecoin, and Ripple noted minor price drops.
The somewhat calm conditions by most mid-and lower-cap assets had the total market value of all digital tokens almost steady around yesterday’s level. While writing these lines, the global crypto market capitalization hovered at $1.85 trillion, following a brief 0.08% 24-hour increase.
What are your views about the crypto market as BTC struggles beneath $40,000? What about the altcoin marketplace? Feel free to share your opinions in the comment section below.