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Bitcoin sees a nearly 20% increase in the past seven days, with its market dominance reaching pre-China ban levels. The fear index has entered the greed zone.

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Bitcoin sees a nearly 20% increase in the past seven days, with its market dominance reaching pre-China ban levels. The fear index has entered the greed zone.

Carrying BlackRock's application for a Bitcoin spot ETF, Deutsche Bank registering custody services, as well as Citadel, Fidelity, and Charles Schwab launching the exchange EDX and other positive news, Bitcoin has been rising for consecutive days, with a nearly 20% increase in the past seven days. Its market share has also returned to the level before the Chinese ban two years ago. However, the fear index is also relatively high, entering the greed zone.

Bitcoin Sees Nearly 20% Increase in Seven Days

Bitcoin has been on the rise since June 15th, with a low point at $24,800. As of the time of writing, the price is around $30,028, marking an increase of approximately 19.46%.

Bitcoin has outperformed Ethereum recently and has once again surpassed the $30,000 mark since May.

Blue: BTC, Yellow: ETH

Bitcoin Dominance Nears 50%, Reaching Levels of May Last Year

According to CoinMarketCap, Bitcoin dominance is at 49.8%, approximately the level it was at before the Chinese ban in May two years ago.

Note: Data from different platforms may vary slightly; CoinGecko shows Bitcoin dominance at 48%, The Block at 48.17%, and TradingView, as shown in the chart below, has exceeded 51%.

Bitcoin Dominance Trend

Crypto Fear and Greed Index Shows High Levels of Greed

According to the Crypto Fear & Greed Index, the index has reached 65, indicating a level of greed similar to late April and early May.

Back in April 26, Bitcoin also touched $30,000 and subsequently experienced a continuous decline.

Crypto Fear and Greed Index | One Year Change

Bitcoin Volatility on the Rise

The Block points out that prior to this recent surge, Bitcoin's volatility was even more stable than tech stocks like Amazon and Meta. However, data shows that Bitcoin's volatility has increased to the highest level since mid-May.

From a low of 31% on June 6, it has risen to the current 51.82%.

Although there hasn't been a significant increase in spot trading volume on exchanges, The Block cites industry insiders suggesting that the price increase may be partly attributed to institutional trading occurring over-the-counter (OTC).