Market Overview

The crypto market’s capitalisation has remained within the $2.58T–$2.68T range for almost two weeks now. Having staged an impressive rally from 19 to 22 August, the market has returned to a consolidation phase. However, this is already a bullish consolidation rather than a mere pause, as the market achieved a significant technical breakout last month, and the lull of recent days is merely alleviating short-term overbought conditions.

The sentiment index, at 65 (greed), confirms the optimistic mood and a fundamental shift in the cryptocurrency market’s trend. That said, it is quite reasonable to expect that sentiment has not yet reached extreme greed, given that the market is nearly 40% below its peak.

Bitcoin is…