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Ethereum continues stealing market share
With half of August behind us, all indexes have seen positive returns. The Small Cap Index is the best performer with an 8% increase. Large Caps (+6%) and Mid Caps (+6%) follow closely behind, while bitcoin (+3%) has seen the least gains.Preview
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The crypto market sentiment reaches a four-month high
Optimism hasn’t been higher in the crypto market since early April, as indicated by the Fear and Greed Index. The index currently sits at 44, a massive improvement from the low of 6 in June. Even though the market sentiment has vastly improved, the market is still careful in declaring a roaring bull market just yet, as Fear and Greed levels below 50 indicate fearfulness. The bitcoin price has soared by 40% since this bear market’s bottom. Seeing such a high gain without the Fear and Greed Index visiting the greedy territory is highly unusual and indicates that market participants are skeptical that this bull market will last.Preview
Binance volume dominance sees further growth
The bitcoin spot volume has increased over the last week, with Binance’s market dominance surging. In the last 7 days, Binance has accounted for nearly 90% of the bitcoin spot volume. While the removal of fees may attract wash trading to the platform, it’s also natural that active traders seek to trade bitcoin on Binance, given the reduced costs. While the fee removal on Binance has caused trading volumes to grow, the bitcoin trading volumes overall remain in a lull. Both derivatives and other spot venues see declining volumes, and the overall tendency seems to be a dampened activity in the market.Preview
Bitcoin continues to trade with little volatility
The bitcoin price has stayed within the $23k to $25k range over the past seven days in one of its least volatile seven-day periods over the past year. Both the 7-day and the 30-day volatilities are sitting at remarkably low levels of 1.9% and 2.9%. Bitcoin’s seven-day volatility has not stabilized at such low levels since late March, and such low volatility environments tend to be short-lived in bitcoin, don’t be surprised if the market awakes from its temporary slumber shortly.Preview