The last 24 hours as seen a reverse of the downward that rocked the market. The crypto industry enjoyed massive rallies after its market cap dip was as low as $1.2 trillion. Most coins felt the impact of the massive price correction. The king coin was not left out as it dipped as low as $37k and the largest altcoin held its ground at $2,400.
The greed that was present in the market within the last seven days gradually disperse. The fear and greed index reading during the past 24 hours was at 42. The bad run was stopped as the crypto industry reacted positively to fundamentals that flooded it during the time under consideration.
Unfortunately, it seems the anticipation of EIP-1559 is wearing off as Ether resumes its downward trend on the 4-hours chart. The interest will soon be rekindled as the long-awaited upgrade will launch today at 12,965,000 blocks. The last 24 hours saw ether rallied above $2,700. The next 24 hours may see the largest alt hit $3,000 as anticipated.
The crypto market will benefit immensely from the upgrade as most alts are set to follow ethereum. The top gainers are presumably the ones under ether blockchain. One reason to be sure of the price hike after the upgrade is the price actions that trailed the recent upgrades. All of them have been bullish.
Bitcoin may not see much price movement in the last seven days as its volatility drop. We may see a surge above $39,000 in the next 24 hours as the king coin with its steady 1-2% drop and increase. Traders are also showing their optimism as there are more than 50,000 open long accounts worth over $815 million as of the time writing.
The general market sentiment is also good as the fear and greed index reading increased to 50. Though still neutral, the reading shows that traders are getting hopeful and as a result, a rally will be underway.
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