Bitcoin Price Hits $62000: Analyzing Crypto Market Sentiment

Today the price of Bitcoin crosses the $62000 mark and at press time the price of one BTC is $62,499 as per CoinMarketCap. The 24-hour low and high of BTC are $56,636 and $62,499 with a market cap of $1.21 Trillion.

The price of BTC rose almost 9.59% today, turning the whole crypto market into bullish mode. Currently, the crypto Fear and Greed index is 80 which is “Extreme Greed”. A lot of short-sell orders have been liquidated with this pump in Bitcoin prices.

Recently the approval of BTC ETFs and big institutional participation fueled the BTC price. Also, the Bitcoin Halving will happen in April 2024, thus reducing the block reward to 3.125 Bitcoin from the current 6.25 Bitcoin.

The Bitcoin halving took place every 4 years (210,000 blocks) thus reducing the reward to crypto miners by half (approx). The reduction in BTC mining reward means that the demand for Bitcoin is expected to increase.

Currently, the dominance of Bitcoin is 53.13% while that of Ethereum is 17.89% in the whole crypto market.

The price of Ethereum also surged to $3426 today with an increase of 5.80% in the last 24 hours. The 24-hour low and high of ETH are $3215 and $3426 respectively.