Cryptocurrency Market Sees Surge, Experts Warn of Potential FOMO

The cryptocurrency market has been experiencing a resurgence after months of stagnation. The recent surge in prices has seen Bitcoin challenge the $70,000 mark, with some experts warning that if it breaks the $71,000-$73,000 range, the market could be swept by a wave of FOMO (fear of missing out).

According to Santiment, an analysis platform, the recent rise in prices is not surprising given the negative news and social media sentiment that has been dominating the crypto space. Analysts note that the market generally moves in the opposite direction of herd mentality, making this rise a 'relief rally' rather than a sustainable trend.

Despite the surge, the average investor is still at a loss, as indicated by the MVRV (Market Value to Realized Value) metric. Bitcoin's 30-day MVRV is still in negative territory (-2.5%), suggesting that investors are still not fully recovered from their losses.

Ethereum and XRP are also experiencing mixed signals, with Ethereum lagging behind other altcoins but showing potential for a 'catch-up' attack. Solana has seen a 16% increase, but social media volume and FOMO levels remain lower compared to previous rallies.