Crypto Market Shifts To Greed Amid FOMO Frenzy As Investors Eye New Bull Run

Updated: 16 July 2024

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The Crypto Fear and Greed Index has flipped from “Extreme Fear” to “Greed” in a matter of days as investors suddenly eye a new bull run.

Bitcoin touched $65,000 briefly today, July 16, after surging about 9% in the past week. BTC was trading up about half a percent at $63,180 as of 05:56 a.m. EST. Ether has soared 10% in the last seven days to trade at $3,395.

All the top-ten largest cryptocurrencies apart from Toncoin are in the green today, with the global crypto market cap climbing 1% to $2.43 trillion.

Amid the recent rally, the Crypto Fear and Greed Index hit 65, showing that the market is in a state of “greed.” The index is up from a low of 25 as recently as July 13.

Market intelligence platform Santiment attributes the recent rally to the fear of missing out (FOMO). The analytics platform called for cautious trading as the market “collectively becomes so bullish without many signs of fear.”

🤑 FOMO has made a return with Bitcoin back at $63.3K. Crypto began rebounding almost precisely after Trump's near assassination Saturday, and it hasn't slowed down since. Cautiousness is recommended when the crowd has collectively become so bullish without many signs of fear. pic.twitter.com/B0AuAqTO1v

— Santiment (@santimentfeed) July 15, 2024

Meme Coins Lead Market Rally – New Bull Run?

Meme coins are outperforming the broader cryptocurrency market, with the total meme coin market cap leaping nearly 10% to over $55 billion, according to CoinGecko.

PEPE and WIF are among the top performers, gaining by 20% and 16%, respectively, in the last 24 hours. Dogecoin and Shiba Inu posted gains of around 2% and 3%, respectively.

PolitiFi meme coins associated with Republican Presidential Candidate Donald Trump have also been on an uptrend since the failed assassination attempt against him on Saturday. MAGA (TRUMP) has soared 34% in the past weekly, while TREMP has gained 12% in 24 hours.

VENCE, a token inspired by Trump’s pick for Vice President JD Vance, has skyrocketed 148% in the past day, according to GeckoTerminal.

As meme coins lead the market recovery, some of the hottest presales of 2024 are also poised to benefit.

Among analysts favorites right now are a layer-2 PEPE alternative called Pepe Unchained (PEPU), WienerAI ($WAI), which has exploded past $7.4 million in funds raised, and the DOGE-derivative P2E project PlayDoge (PLAY).