Price: $0.38774 -7.2754%
Market Cap: 56.92B 1.9551%
Volume (24h): 18.59B 0.4%
Dominance: 1.9551%
Price: $0.38774 -7.2754%
Market Cap: 56.92B 1.9551%
Volume (24h): 18.59B 0.4%
Dominance: 1.9551% 1.9551%
  • Price: $0.38774 -7.2754%
  • Market Cap: 56.92B 1.9551%
  • Volume (24h): 18.59B 0.4%
  • Dominance: 1.9551% 1.9551%
  • Price: $0.38774 -7.2754%
Home > Information news > Bitcoin Hits $89K, Sparking Extreme Greed in Crypto Market

Bitcoin Hits $89K, Sparking Extreme Greed in Crypto Market

Release: 2024/11/13 00:30 Reading: 915

Original author:The Crypto Times

Original source:https://coinmarketcap.com/community/en/articles/67336c36fc55d75e15a0ae06

Bitcoin Hits $89K, Sparking Extreme Greed in Crypto Market

Bitcoin's Surge Drives Market to Record Highs

Bitcoin's price recently reached an all-time peak of $89,000 on November 12, leading to substantial losses for traders who had anticipated a decline in prices.

This single-day surge of over 10% eliminated more than $700 million in "short" trades initiated by over 173,000 traders, including a significant individual trade worth $15.70 million on Binance, as per data from CoinGlass.

Investor sentiment remains bullish, as evidenced by the "Fear and Greed Index" reaching "Extreme Greed" with a score of 85. This elevated level indicates that many investors are anticipating substantial profits, but it also suggests a higher risk tolerance among them.

Crypto Market Expansion

Riding on Bitcoin's momentum, the overall crypto market witnessed a 9.6% increase, surpassing $3 trillion in value, with Bitcoin accounting for approximately 59% of this sum.

Dogecoin's Gains

Beyond Bitcoin, Dogecoin (DOGE) experienced a remarkable 48% price surge within a single day, marking its fourth consecutive day of gains. Over the preceding week, it has increased by 150%, bringing it closer to the $1 mark. Dogecoin futures trading volume reached $68 million in just 24 hours, reflecting investor speculation about its future value.

Cautionary Notes

Amidst this market enthusiasm, some crypto experts are urging caution. Kris Marszalek, CEO of Crypto.com, emphasized that "leverage needs to be cleaned up before [Bitcoin's] attack on $100K."

This implies that to sustain a healthy price rise, the market may require a brief cooling-off period to reduce the amount of borrowed funds driving these trades. Bitcoin's current leverage ratio, indicating the extent of borrowed capital used in trading, has reached a one-year high of 0.217, as reported by CryptoQuant.

Similarities to Recent Market Trends

Meanwhile, the "Extreme Greed" sentiment is reminiscent of the situation in April 2021, when similar exuberance led to a decline in Bitcoin's price from over $69,000 to around $56,500 within a few weeks. Nonetheless, investors remain optimistic in light of Donald Trump's recent re-election, as he is widely perceived as supportive of the crypto markets.

Additional Reading:

  • Germany Missed $1.7 Billion Profit by Selling 50,000 Bitcoin

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.