• The crypto market has seen modest gains in the past few days, with Bitcoin closing above $17k in two consecutive days.
• Popular altcoins like Ethereum (ETH), Cardano (ADA) and Solana (SOL) have led in recent gains despite negative market sentiments.
• Market strategists believe that traders are bound to FOMO in the coming weeks and crypto prices may push higher before forming an imminent top.
The crypto market has been on a roll this past week with Bitcoin’s price closing above $17,000 for two consecutive days. As a result, popular altcoins such as Ethereum (ETH), Cardano (ADA) and Solana (SOL) have seen significant gains, despite the negative market sentiments that have been persisting since the FTX and Alameda’s implosion.
According to our latest crypto price oracles, Solana (SOL) and Cardano (ADA) have seen a surge of approximately 43 percent and 25 percent respectively in the past few days. Following suit, Ethereum (ETH) and Binance Coin (BNB) have seen a 9 percent and 12 percent increase in their prices respectively over the past seven days. Market strategists believe that traders are bound to FOMO in the coming weeks, which could see crypto prices further rise before an imminent top is formed.
The FTX and Alameda’s shockwaves have yet to settle in the market with top firms such as Gemini and Digital Currency Group taking a hit. The latter is on the brink of bankruptcy due to the events. Crypto insight company Santiment has warned that the recent altcoin rally may not be sustainable as traders try to FOMO in. According to the research firm, short-term crypto gains are closely followed by sustained bear markets as traders rush to take profits.
The altcoin rally is heavily dependent on Bitcoin’s next move and whether or not it will surge or remain stagnant. If Bitcoin’s price continues to rise, it is likely that traders will be attracted to altcoins and the FOMO will take hold. This could lead to an altcoin season, with prices further soaring before reaching a top. On the other hand, if Bitcoin’s price remains stagnant or drops, traders may lose interest in altcoins and instead focus on the largest cryptocurrency. There is no telling what direction the market will take, but it is clear that altcoins are experiencing a FOMO rally at the moment.