Crypto Market Sentiment Turns to Greed as BTC, ETH, XRP Gain Traction
Crypto market sentiment has shifted from “Neutral” to “Greed,” with the Crypto Fear and Greed Index reaching 62. Key prices include:
- Bitcoin (BTC) above $114,000
- Ethereum (ETH) recovering past $3,600
- XRP above $3.0
The total cryptocurrency market cap is stabilizing between $3.6 trillion and $3.8 trillion. On-chain data indicates a rotation into micro-cap tokens.
Bitcoin briefly tested its 50-day moving average, suggesting potential exhaustion, while the overall market cap remains above trend at approximately $3.72 trillion.
Institutional Interest in BTC and ETH
Bitcoin and Ethereum maintain strong institutional interest. In July, a strategy purchased 21,021 BTC for $2.46 billion, part of 26,700 BTC acquired by major entities. Public and private firms hold 1.35 million BTC, over 6% of circulating supply.
Ethereum also sees high demand. Treasury holdings surpassed 3 million ETH, with SharpLink Gaming adding 83,561 ETH and BitMine Technologies increasing their reserves to 833,000 ETH.
XRP Price Movement
XRP is testing $3.0 amid anticipation of a US SEC review on Ripple’s appeal scheduled for August 7. A favorable ruling could classify XRP as a non-security, potentially leading to a 70% price increase if it breaks out from its current pattern.