Bitcoin Hits 17-Month High, Fueling Investor Greed and FOMO

<p>While it's
too early to talk about a speculative cryptocurrency rally like the ones
Bitcoin (BTC) has historically offered, something is definitely going on. Just
yesterday (Monday), the price of the oldest cryptocurrency surged by 15%,
testing its highest levels since May 2022, or in 17 months. </p><p>Along with
the rising price, investor expectations and dreams are also soaring, with some
already mentally cashing in above-average profits. The fear-of-missing-out
(FOMO) sentiment is also making a definitive comeback in the bull market.</p><p>Bitcoin Priced at $35,000:
Who Will Bid Higher?</p><p>During
Tuesday's Asian trading session, <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> momentarily tested the $35,200 level,
the highest this year and the highest since May last year. Although the price
has slightly retreated since then, Bitcoin still remains above the $34,000
level, breaking out of the consolidation it had been in for over a year. </p><p>Moreover,
technical indicators suggest <a href="https://www.financemagnates.com/cryptocurrency/is-bitcoin-eyeing-another-bull-run-or-crypto-winter/" target="_blank" rel="follow">that bulls are in control for the first time in a
while</a>. Not only has Bitcoin's price seen a significant increase, but its
"dominance," or total share in the market capitalization of all
digital assets, has also risen. On Tuesday, it reached 52%, the highest since
April 2021.</p><p>Meanwhile,
trading volumes exploded, reaching nearly $30 billion in 24 hours, and Bitcoin
futures funding rates hit record highs, indicating panic buying from investors
wanting to get a piece of the action. The full-blown FOMO has returned to the
markets.</p><p>Even though the Relative Strength Index (RSI) indicates that Bitcoin is "significantly overvalued," Twitter is filled with posts competing in forecasts about how far the cryptocurrency's price will go.</p><blockquote><p lang="en" dir="ltr">Bitcoin 45,000 – FOMO is hitting the Market