The crypto worry and greed index moved to the worry zone of 34 this week as Bitcoin and different cryptocurrencies plunged. Bitcoin moved under $26,000 because it skilled its worst week of the yr. Different cryptocurrencies like Ethereum, Cardano, and Oasis Community additionally slipped, bringing the full market cap to $1.02 trillion.
Concern and greed index slipped
The worry and greed index is among the most distinguished sentiment gauges within the monetary market. The preliminary index was created by CNN Cash to supply sentiment within the inventory and bond market. It appears to be like at essential gauges just like the CBOE VIX index, put and name choices, and inventory worth breadth amongst others.
The crypto worry and greed index, alternatively, appears to be like at a number of essential measures within the business. A few of the most essential issues it appears to be like at are social media exercise, volatility, momentum, and dominance.
In most durations, the crypto worry and greed index often rises when Bitcoin and different cryptocurrencies are rising. It then retreats sharply when Bitcoin and Co are falling. For instance, the index remained on the impartial degree of fifty when BTC remained on the consolidation part of $29,000.
Some analysts consider that cryptocurrencies will bounce again within the coming weeks. They cite the actual fact most large Bitcoin holders, popularly often called whales, have continued holding their positions and haven’t bought in the course of the current sell-off.
In a Twitter submit, the pinnacle of Pantera Capital argued that Bitcoin has stayed in depressed ranges for thus lengthy. He now expects that BTC will bounce to $35,000 within the close to time period after which surge to $150k by the subsequent halving occasion.
#Bitcoin not too long ago skilled the longest interval of destructive year-over-year returns in its historical past, lasting 15 months.
The longest interval prior was just below a yr.
Our view is that we’ve seen sufficient – there’s simply so lengthy markets will be down.
— Dan Morehead (@dan_pantera) August 23, 2023
Chancer token sale positive factors steam
One other signal that there’s curiosity in cryptocurrencies is the rising demand for token gross sales. Chancer, is a brand new firm in search of to disrupt the fast-growing and extremely standard industries. The corporate has raised over $1.65 million from buyers prior to now few weeks. You should purchase the Chancer token here.
Chancer is aiming to turn into the largest participant within the sports activities betting and prediction business. This can be a giant business that was estimated price over $91 billion in 2023. In a report, FMI estimated that the business may have a compounded annual progress fee (CAGR) of 10% by 2030 to over $245 billion.
In the present day, the sports activities betting business is dominated by extremely centralized corporations like FanDuel, DraftKings, BetMGM, and Caesars. Internationally, a few of the best-known manufacturers are corporations like Bwin, Bet365, and William Hill amongst others.
Whereas these corporations work properly, there’s all the time room for disruption, particularly utilizing the blockchain expertise. That is the hole that Chancer is aiming to fill utilizing blockchain expertise.
As a substitute of customers being simply prospects, they are going to personal the ecosystem because the community will use a decentralized autonomous group (DAO) mannequin. To realize this, Chancer will probably be powered by the $CHANCER token. Holders may have essential privileges like making choices within the ecosystem.
Additional, $CHANCER holders may have an opportunity to earn cash by creating markets and livestreaming them. Some analysts consider that the community might be a recreation changer if it really works. You’ll be able to learn the Chancer white paper here.