• The cryptocurrency market has skilled a notable surge over the previous two weeks.
• As a result of post-election surge, the cryptocurrency market has fallen right into a scenario of maximum greed.
• Analysts predict that costs could right because of the state of the cryptocurrency market.

The cryptocurrency market has soared over the previous two weeks, posting file efficiency, led by Bitcoin's rise to $90,000. Hypothesis is that the rally was prompted by Donald Trump's victory within the latest US presidential election. Bitcoin, which had been buying and selling beneath $68,000 on the eve of the election, soared to an all-time excessive of $93,483 inside per week.

Following Trump's election victory, a number of cryptocurrencies skilled vital value will increase. Ethereum, the second largest cryptocurrency by market capitalization, has risen over 45% throughout this era, and Solana has elevated its worth by 56% throughout the identical interval.

The speedy value improve has pushed the cryptocurrency market cap previous $3 trillion, near the all-time excessive of $3.09 trillion reached in the course of the 2021 bull market.

Additionally learn: How you can commerce cryptocurrencies throughout a time of maximum concern and greed

Concern and greed index suggests excessive optimism

CoinmarketCap information reveals that the Crypto Concern and Greed Index has a score of 83 factors; excessive greed On the market.

For context, crypto indexes are utilized by crypto traders to watch the overall sentiment and emotional state of the market. This impacts merchants' shopping for and promoting habits. A market valuation near 100 on this indicator means that the cryptocurrency market is overvalued, which may result in traders exiting the market and a fall in costs.

In accordance with CoinMarketCap information, the very best score for the Concern and Greed Index in 2024 was 92. This was recorded in the course of the pre-halving rally when Bitcoin reached an all-time excessive of over $73,000. At the moment, the market capitalization of cryptocurrencies exceeded $2.7 trillion, and has since recovered to $1.69 trillion.

Regardless of the rise within the Concern and Greed Index, analysts consider the present bull market continues to be in its early phases. They argue that favorable macroeconomic elements will preserve momentum and any pullback is prone to be short-lived and restricted. The continued upward development suggests sturdy potential for the crypto market to outlive the remainder of the cycle.