Crypto analyst Ekta Mourya says capital flows from Bitcoin (BTC) to DeFi projects Avalanche (AVAX), Crypto.com (CRO) and Curve DAO (CRV). According to Mike McGlone, a senior commodity strategist, the cryptocurrency market in mid-November focused on clearing speculative excess in dog-themed cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB).
Rektcapital: Emotion neutral for Bitcoin, but fear is what precedes returns
Mike McGlone says the crypto market is throwing off the speculative surplus. Analyst Ekta Mourya, on the other hand, states that the price of Bitcoin, after falling below $ 60,000, is facing a new critical level while recovering, and the news that Mt.
cryptocoin.com As you know from the news, the fear and greed index is considered an indicator of traders’ sentiment towards Bitcoin. A crypto analyst by the pseudonym Rektcapital states that the index is currently neutral, shifting from “greed” to “neutral” as traders lose interest in Bitcoin. The last time Bitcoin hit an all-time high, the asset’s price bottomed out and analysts pointed to extreme fear in the fear and greed index. Rektcapital expects sentiment to turn to fear before the BTC price trend reverses:
When was the last time Bitcoin saw such horrendous levels in the Fear and Greed Index? September 21 (blue arrow) This is when BTC bottomed out before enjoying a run to new All-Time Highs. Currently, emotion is Neutral (52) but Fear is what precedes flashbacks.
Mike McGlone, on the other hand, comments on the crypto market on November 17, in a Twitter post:
Are cryptos going to dogs? Meme-coins and speculative surpluses. The crypto market in mid-November is all about the support of $60,000 for Bitcoin and $4,000 for Ethereum, with the proliferation and legitimation of the crypto dollar and the cleaning up of speculative excesses.
DeFi projects AVAX, CRO and CRV earned double digits
Meanwhile, the relatively high aggregate value locked DeFi tokens Avalanche (AVAX), Crypto.com (CRO) and Curve DAO (CRV) have posted double-digit gains over the past 24 hours. In the midst of a larger crash in the cryptocurrency market, AVAX price is on the rise. The DeFi token has posted gains of over 54% over the past two weeks, hitting an all-time high (ATH) of $104.33.
Earlier today, Crypto.com announced that it will rename a multi-purpose arena in downtown Los Angeles. Staples Center will be known as Crypto.com ARENA for the next 20 years due to its partnership with the LA Kings and Los Angeles Lakers. DeFi tokens offered one of the highest risk-adjusted returns in the past 24 hours. Rager, a cryptocurrency analyst by the pseudonym, believes that Avalanche price will continue to rise unless Bitcoin and Ethereum experience a price drop:
As long as BTC and ETH don’t fall heavily again, we can definitely see AVAX continue to recover. We will continue to monitor this uptrend. But we hope to continue to see capital flow into this network and AVAX adding more value to it.
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