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Why crypto market is going up – Is FOMO the real catalyst behind the rise?

n70products by n70products
November 11, 2024
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Why crypto market is going up – Is FOMO the real catalyst behind the rise?
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  • The cryptocurrency market capitalization has ballooned to $2.7 trillion after a $500 billion hike in below one week.
  • Retail FOMO, US politics, and short-sellers could possibly be driving the rally.

The cryptocurrency market is experiencing one in all its greatest months this 12 months. Bitcoin [BTC] has made successive new highs within the final seven days, and it lately ripped previous $81,000. Ethereum [ETH] additionally flipped $3,100 for the primary time in three months. 

The beneficial properties have been widespread as the whole market capitalization has pushed previous the $2.7 trillion mark. In only one week, whole crypto market capitalization has surged by greater than $500 billion.

A number of components had been driving this bull run and if the constructive sentiment continues, it might result in extra beneficial properties. 

TOTAL 2024 11 11 09 36 58TOTAL 2024 11 11 09 36 58

Supply: Tradingview

Worry of lacking out (FOMO)

Cryptocurrency merchants, particularly short-term holders, are identified to be reactive. Not like long-term holders who typically give attention to fundamentals, short-term holders react to cost volatility and hype. 

This conduct was seen within the Fear and Greed Index, which had a worth of 76 at press time, a sign that the market was in “excessive greed”. On the tenth of November, this index surged to 78, its highest degree in a 12 months. 

Knowledge from Google Trends additionally exhibits that the phrase “Bitcoin” was gaining curiosity with a search rating of fifty/100. This was a notable hike from 18/100 barely a month in the past. 

When retail curiosity is excessive, it drives shopping for exercise, which in flip results in value beneficial properties. Nonetheless, FOMO is often short-lived, and as soon as patrons are exhausted, crypto costs might right or consolidate. 

Hypothesis of a pro-crypto Senate chief 

After the Republican Celebration received the fifth of  November US elections, the main focus has now turned to the Senate management.  Hypothesis was rife that Florida Senator, Rick Scott, will take the place of Senate majority chief after he was endorsed by Tesla CEO, Elon Musk.

Scott is a pro-crypto senator on condition that earlier this 12 months, he was amongst those that voted for the SAB 121 decision permitting banks to custody digital belongings. 

In February 2024, Scott additionally supported the CBDC Anti-Surveillance State Act proposed by pro-crypto Senator Ted Cruz. Scott opposed CBDCs saying that they enabled authorities surveillance. If Scott wins the vote, it might pave the best way for pro-crypto payments. This might drive extra beneficial properties throughout the market. 

Brief liquidations 

The current volatility throughout the crypto market has led to a surge in liquidations. Knowledge from Coinglass confirmed that previously week, quick liquidations have spiked and continued to rise as within the final 24 hours, $283 million value of shorts had been liquidated.

liquidations 1liquidations 1

Supply: Coinglass

When quick sellers are liquidated, they’re pressured to purchase to shut their positions. This pressured shopping for tends to speed up the uptrend. Regardless of greater than $650 million in each lengthy and quick positions being liquidated previously 24 hours, open curiosity continued to climb, which confirmed an general bullish sentiment. 

In truth, Bitcoin’s open curiosity has continued to make new highs and stood at $49 billion at press time. When open curiosity is rising, it signifies that the bullish sentiment is rising. 


Learn Bitcoin’s [BTC] Price Prediction 2024-25


Nonetheless, CryptoQuant CEO, Ki Younger Ju, stated that the futures market prompt that Bitcoin was “overheated.” Subsequently, he anticipated that costs might right and consolidate earlier than the bull run extends.

Nonetheless, if the present bullish momentum continues till the tip of the 12 months, it might result in a bear market in 2025.

Subsequent: SUI surges 65% in a week, analysts predict $6 price target



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Tags: CatalystCryptoFOMOMarketRealRise
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