Bitcoin Weekly: BTC hash rate up by 6%, Fear & Greed Index leaning towards fear

Bitcoin – the largest crypto by market capitalization in the crypto market is well known for many other things. The grandfather of cryptos, which has the largest trading volumes in the market too. According to CoinMarketCap, Bitcoin’s 24 hour trading volumes stand at about $44.4 billion as of writing! To understand the scale, Ethereum, which is the second largest crypto by market cap has about $16.8 billion as of writing. The only other crypto that has a trading volume above Bitcoin is Tether (USDT) – which is a stablecoin used to trade in various cryptos, hence doesn’t really qualify.

And from an analysis of a few popular metrics for Bitcoin, we can say that the king coin’s current situation looks moderately bullish as of now, thanks to the positive funding rates, low volatility and a rising hashrate which would aid any bullish momentum in the market. While fear in the market still persists, it is mainly still an aftereffect of the bear run that Bitcoin has faced since the beginning of the year. And along with that, its dropping market cap dominance suggests that BTC price action will have slightly less effect on the broader market and thus signal the oncoming of the highly anticipated altcoin season.