- The crypto bull run is finally on the go, especially as cryptocurrency apps aim to top App Store Charts again
- Bitcoin fear and greed index hits a 3-year High of 90, implying extreme greed and a new all-time-high in view
- Bitcoin rose to $68,634 yesterday, which is less than $200 shy of its ATH, briefly overtaking Silver in market cap
Bitcoin has sustained its rally for over a week now, confirming that we are finally experiencing the next cryptocurrency bull run cycle. Yesterday, Bitcoin went closest to beating its ATH, rocketing to over $68,600 while briefly toppling Silver’s market cap.
The price action around Bitcoin and altcoins has also triggered a ripple effect as cryptocurrency apps have begun charting in their categories. These different events are similar to those that preceded the last bull cycle and altogether confirm that another cycle is upon us.
Coinbase App Accelerates to Top 50 In US App Store
The Coinbase mobile application now ranks #44 in the “Free Apps” category of Apple’s App Store. It’s hard to believe that the same app which was at #479 as of last month has come this far up in such a short period. Such a geometric rise can be attributed to higher downloads and use of the app by retail crypto investors.
The demand further suggests that the bull market will soon kick off its advanced stages. In the 2021 bull run, analysts observed that cryptocurrency apps ranked within the top 20 in their different categories on the Play and App Stores respectively. Interestingly, Coinbase and Binance.US rank #4 and #16 respectively in Finance apps on the App Store. However, we should expect them within the top 20 in the “free apps” category once we enter the advanced stages of the bull wave.
Bitcoin Fear and Greed Index Hits a 3-Year High Of 90
Today’s bitcoin fear and greed index surged to a whopping 90 – the highest it’s been since the last ATH. The high fear and greed index signifies “extreme greed” meaning there’s heavy speculation and FOMO around Bitcoin. At this point, there’s a high buy sentiment and investors can’t wait to get into the market to cash in on the rally.
While the fear and greed index isn’t considered an accurate analytical tool, it helps investors know the market’s direction and may help them make short-term trading decisions. Bitcoin’s fear and greed index was last seen above 90 in Feb. 2021, as per Satoshi Club. This extreme greed also confirms a new all-time high is underway for Bitcoin, and may most likely happen before next month’s halving.
Bitcoin Smashed $68,634 and Briefly Overtook Silver in Market Cap
Bitcoin was only $155 shy of its all-time high after racing to $68,634 yesterday. This new high sent its market cap to a staggering 1.345T and briefly set it at #8 above Silver whose market cap was 1.343T at the time. Although Bitcoin has returned to #9 below Silver, the financial ecosystem is yet to recover from the shockwaves evoked by the asset.
Bitcoin still maintains its bullish trend as it sets its sights on a new ATH. As of this writing, Bitcoin trades at $68,107 with a market cap of 1.33T and maintains 52.57% market dominance.