The price of Bitcoin and other cryptocurrencies fell this week, pushing the cryptocurrency fear and greed index into the worry zone of 34. Bitcoin experienced its worst week of the year and dropped below $26,000. The market cap of all cryptocurrencies increased to $1.02 trillion as a result of declines in more cryptocurrencies like Ethereum, Cardano, and Oasis Community.
Fear and greed index fell.
One of the most renowned attitude indicators in the financial industry is the fear and greed index. CNN Cash developed the preliminary index to provide market sentiment for stocks and bonds. It seems at important indicators including the CBOE VIX index, put and name options, and stock value breadth among others.
However, the cryptocurrency fear and greed index appears to be looking at a number of crucial trade indicators. It seems like some of the most important issues include social media activity, volatility, momentum, and supremacy.
When Bitcoin and other cryptocurrencies are growing, the crypto fear and greed index typically increases. Then, when Bitcoin and Co. are tumbling, it retreats quickly. For instance, when BTC remained in the consolidation region of $29,000, the index stayed at the neutral stage of fifty.
Some analysts predict that cryptocurrency prices will increase once more during the next few weeks. They point to the fact that the majority of significant Bitcoin holders, sometimes known as “whales,” have maintained their positions and haven’t sold them off.
Positive elements of the Chancer Token Sale Steam
The growing interest in token sales is another indication that cryptocurrencies are generating interest. A brand-new company called Chancer is attempting to upend some of the most well-established and rapidly expanding markets. The company has raised more than $1.65 million from investors in the recent weeks.
Chancer wants to dominate the sports betting and prediction industry by becoming the biggest player. This is a significant transaction that is expected to cost more than $91 billion by 2023. According to a report by FMI, the commerce might grow at a 10% compound annual growth rate (CAGR) to more than $245 billion by 2030.
Currently, heavily centralised businesses like FanDuel, DraftKings, BetMGM, and Caesars control the sports betting industry. Companies like Bwin, Bet365, and William Hill, among others, are some of the most well-known manufacturers on a global scale.
Even while these businesses function well, there is always possibility for disruption, especially when using blockchain technology. That is the gap Chancer is attempting to close with blockchain know-how.
Customers won’t just be customers; they’ll own the ecosystem because the community will operate on a decentralised autonomous group (DAO) model. Chancer will be powered by the $CHANCER token to make this a reality. Holders may enjoy significant benefits, such as the ability to influence ecological decisions.
Additionally, $CHANCER holders might be able to generate income by setting up and streaming markets. According to some commentators, if the community succeeds, sports could change forever.