The Crypto Fear & Greed Index surged to 70, signaling intense "greed" territory, before easing to 62—still firmly in bullish sentiment range—amid a 2.38% global market cap rise to $4.05 trillion. Bitcoin (BTC) led gains with a 3.33% surge to $121,706, while Ethereum (ETH) climbed 2.02% to $4,271 over 24 hours.
Historical data reveals such greed phases often precede price corrections, as investors secure profits amid overvaluation risks. Santiment data shows both BTC and ETH’s Relative Strength Index (RSI) declining from overbought zones, hinting at near-term pullback potential. Bitcoin’s dominance held at 60.80%, reflecting a flight to safety that stabilizes broader market sentiment.
Community reactions on X were mixed: one user cited $4T market cap growth as proof of upside potential, while trader Sebastian Diaconu noted altcoin stagnation beyond ETH and XRP. AMBCrypto cautioned that extreme greed (like May’s 78 reading during BTC’s $111.8k peak) can prolong rallies before corrections, urging disciplined risk management.