The crypto market has seen a low recovery since the weekend, with the price of Bitcoin closing above $17,000 for two consecutive days. Popular altcoins such as Ethereum (ETH), Cardano (ADA), and Solana (SOL) have generated recent gains despite the negative market sentiment that has been lingering since the FTX and Alameda implosion.
According to our latest crypto price index, Solana (SOL) and Cardano (ADA) have gained about 43% and 25% respectively in the last few days. With Ethereum (ETH) and BNB up around 9% and 12% respectively in the past seven days, market traders believe that traders are bound by FOMO in the coming weeks. As such, the price of crypto may rise before starting a near peak according to analysts.
In addition, the shock of FTX and Alameda has not ended, and large companies such as Gemini and Digital Currency Group are failing, while the latter is on the verge of bankruptcy.
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Let’s Take a Closer Llook at the Crypto Market Outlook
Notably, crypto-analytics firm Santiment has warned that the recent altcoin rally may not last long as traders succumb to FOMO. Short-term crypto gains follow a sustained bear market as traders rush to take profits, according to research firms. However, Santiment said the altcoin rally is highly dependent on Bitcoin’s subsequent reversal after the recent break of $17,000.
“We haven’t had many opportunities to highlight this over the past year, but when we see altcoins being named as prices go up, it usually means that the crowd has noticed that altcoins are booming and trying FOMO. The result is always the highest… at least until the crowd starts to doubt that altcoins can rise again,” said Santiment.
The crypto market has recovered more than $88 billion in the past few days after FTX’s authorization. According to market data provided by Coingecko, the total market cap of crypto is about $887 billion.
The biggest earners in the crypto ecosystem include the Solana network with many of its projects including BONK and Serum (SRM) up more than 50% in the past seven days. Clearly, the market capitalization of Solana Ecosystem today is $11.2 billion, up 10.1% over the past 24 hours.
Another major performer in the crypto sector in recent days is the gaming company Chiliz (CHZ) and Flow (Flow) which are up around 20% and 18% respectively in seven days. past. .