Bitcoin's Bull Run Gains Momentum as Crypto Market Cap Surpasses $2.9 Trillion
The cryptocurrency market has shown signs of a possible bull run since early August, led by Bitcoin's recovery. The total crypto market cap has grown from $2.06 trillion to over $2.91 trillion in just six weeks, adding nearly $1 trillion.
This growth is partly attributed to the Fear & Greed Index, which has returned to 59 as of writing, indicating a sentiment of greed. Although the index is not far off from reaching extreme greed levels around 70, it's worth noting that greed often appears near the end of an uptrend.
Another factor supporting the potential start of a crypto bull market is the massive net inflows into Spot Bitcoin ETFs. According to data, these products saw $999 million in net inflows, with BTC ETFs from BlackRock, Ark & 21Shares, and Fidelity leading the way.