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Crypto Market Enters The Greed Zone: Start Of Bull Run?
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Finally, after weeks, the crypto market has bounced to the greed zone, favoring the cryptocurrency gains today. But is it the start of a bull run? Let's explore.
After weeks of falling market with declining cryptocurrency gains, the crypto market has finally recovered from the neutral market conditions. 2024 started with a super greed zone, which initiated the weeks-long bull market conditions before witnessing a fall last month. The declining conditions continued till a day earlier, while today, the market has again entered the greed zone with the recovery in multiple cryptocurrency prices.
So is it the start of a bull run or what? Let us discuss that in this blog.
Overall Crypto Market Conditions
The crypto market has received its boost today after the reveal of the Consumer Price Index (CPI) data, highlighting the decline in the inflation rate. Moments after the CPI report, the Bitcoin price started to boom, and it rose to a high of $66,458. Bitcoin is currently trading at $66,184.23 while maintaining bullish sentiments. The direct impact is also visible on the altcoins, including Ethereum, which has surged to $3,019 after its yesterday’s decline.
The Bitcoin price surge has aided the entire market recovery as the crypto market heat map is all green. The global market cap has also surged to $ 2.38 trillion, jumping 5.3% from yesterday. More importantly, the trading volume is about to hit the $ 100 billion mark with a 40% jump, the highest position for this month.
The meme market already had steady growth even in the sluggish market conditions, but today, the market cap has surged 6.34%, and the same is true for its trading volume. Talking of the Solana network, the trading volume is up by 24%, but the market cap has declined a little. However, the demand is still for the Solana meme coins.
