As the majority of the cryptocurrency market, including Bitcoin (BTC), is trying to offset the losses accumulated in recent days due to regulators tightening their grip around the sector, the maiden decentralized finance (DeFi) asset has been showing signs of renewed hope in the system.
Indeed, the fear and greed index for Bitcoin was firmly in the greed zone at 58, while unrealized profits have been exceeding losses in recent weeks, demonstrating increased optimism in the markets, as per the new report published by Glassnode on February 10.
According to the blockchain and finance analytics platform, the recent consolidation in the markets was expected:
“The optimism explains last week’s outperformance of altcoins as investors divested into riskier assets, leading to the recent cool-off across the board. Altcoins likely continue to outperform once the dust settles and Bitcoin defines the boundaries of the upcoming range above $20k. ”
Bitcoin price analysis
In the meantime, Bitcoin is trading at the price of $21,650, which represents a modest improvement of 0.16% on its daily chart, whereas it has been recording losses of 4.99% across the week. That said, its current price is still 3% higher than 30 days before.
It is also important to note that Bitcoin has no lack of vocal supporters predicting a bright future for the flagship digital asset. One of them is Robert Kiyosaki, author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ who has praised Bitcoin as the alternative to the ‘fake’ U.S. dollar, projecting it to reach $500,000 by 2025.
Meanwhile, positive developments, such as payment giant VISA (NYSE: V) partnering with leading crypto payments platform Wirex to launch crypto-enabled debit and prepaid cards for Bitcoin and other cryptos in more than 40 countries, are expected to have a positive impact on digital asset prices in the future.
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Source: https://finbold.com/bitcoin-unrealized-profits-eclipse-losses-as-greed-and-optimism-mount/