Crypto Market Update: BTC and ETH Show Signs of Recovery, Fear and Greed Index Signals Fear

The second week of September has also been a rollercoaster for the crypto market. The industry has rebounded strongly in the mid-week following a slow weekend.

The crypto industry has experienced a turbulent second week in September, with varying market movements.

After a sluggish weekend, the industry witnessed a strong recovery during the mid-week.

On Wednesday, most of the leading cryptocurrencies surged in value, with BNB, Cardano, and Bitcoin Cash outperforming the others.

Despite the positive performance, the Fear and Greed Index indicated a score of 31, suggesting fear among crypto traders. (Source: Cointree)

This metric is expected to improve only after the market demonstrates significant growth or consistency.

Here's a quick overview of the daily crypto update and the latest market developments.

Bitcoin

On September 11, BTC witnessed a 3.07% increase, crossing the $58k mark again.

Over the past week, the crypto has gained 1.52% in value and is currently trading at $58,081.

Meanwhile, both the Bitcoin mining and hashrate difficulty have reached all-time highs.

As investors are pulling out millions from the Bitcoin Spot ETF, the outlook for BTC appears uncertain.

To instill confidence among traders, the market leader must breach the resistance point at $58,540.

Ethereum

Ethereum fell behind BTC but managed to accrue a 24-hour surge of 1.37%.

The coin is struggling at $2,361 after testing the $3,500 mark only a month ago.

The above is the detailed content of Crypto Market Update: BTC and ETH Show Signs of Recovery, Fear and Greed Index Signals Fear. For more information, please follow other related articles on the PHP Chinese website!