The cryptocurrency market cannot seem to have a break after the past declines, but it is now seeing "extreme fear" in the latest index which reflects the industry's sentiments. This means that cryptocurrency's trends and the industry's sentiments behind it are on the low side, reflecting the recent performance of the blockchain in the market.
Crypto is in 'Extreme Fear' As Things Are Not Looking Good
(Photo : frimufilms on Freepik)
The daily analysis of Alternative on crypto's Fear & Greed Index is tainted with red, and this is because things are not looking good in the market at the moment. In their latest analysis, Alternative reported that cryptocurrency scored 22 on the index out of 100.
What this represents is the uncertainty of the market over crypto's current performance, especially with the massive decline seen in the various charts.
Crypto's Fear & Greed Index represents the market's trends, as well as the sentiments of the investors, analysts, and experts who are closely monitoring the industry. Since July, cryptocurrency has seen this massive struggle to return to its highest points in the past months, but that is the current challenge it is facing.
Apart from this extreme fear in the market, BitMEX's co-founder, Arthur Hayes claimed in his statement via X that this decline will continue, as led by the top coin in the market which is on its way to drop to below $50,000 over the weekend.
This claim is evidenced by Bitcoin's poor performance over the past weeks and months, with the coin struggling to achieve $60,000 and holding on to this valuation. It always reverts to the sub $60k value and plays around $56,000 to $58,000.
Currently, BTC is at $56,000 which was a 5.60 percent drop over the past seven days. Other top ten cryptocurrencies in the list are also struggling.
Cryptocurrency's Decline: Is This the End?
After the year crossed over to the second half, massive speculations claimed that cryptocurrency would see a rally and have it skyrocket more than it did before. However, that was not the case as July first saw the 'crypto empire' crumble with the slump that the market saw, initially beginning with Bitcoin dropping from around $68,000 to $65,000.
However, that valuation is nowhere near what the industry is seeing now, as in early July alone, Bitcoin crashed to around $53,000, its lowest point in the year after the rally. This was caused by many investors liquidating their assets as Mt. Gox finally paid back their customers after around 13 years since its declared bankruptcy and failed to return it during that period.
Bitcoin and the crypto industry went back and forth from rallying to crashing, but there were more negative incidents than a positive experience.
The struggle is real and it is the present happenings in the crypto industry which is now in extreme fear, with Bitcoin speculated for a sub $50,000 drop over the weekend, with some believing that the bubble will burst.
