Renewed crypto market optimism as the Ethereum merge nears
The crypto market continues its recovery process after the dreadful start to the summer. While altcoins keep rallying, bitcoin has established a solid consolidation range in the $22,500 to $24,500 area and is up 2% over the past seven days.
Aug 8th 2022
Market sentiment has improved and is at the highest level since April, as measured by the Fear and Greed Index. This renewed risk appetite has led altcoins to outperform bitcoin. BNB has increased 14% over the past seven days, while ETH is up 8%.
Part of the market sentiment improvement might be caused by hopefulness regarding Ethereum’s upcoming merge.
With crypto prices slowly grinding upwards, volatility has been low lately. Wednesday’s release of the July CPI numbers might be a catalyst for increased volatility.