The meme coin sector posted impressive gains as market sentiment turned positive with Bitcoin’s breakout above $30,000.
The index quantifies the crypto market’s sentiment by using signals such as Google trends, surveys, price action, and volume momentum. The metric fluctuates between 0 to 100 with higher values representing overbought conditions and vice-versa.
The total cryptocurrency market cap reached $1.22 trillion on Thursday, erasing the losses incurred in June after the U.S. Securities and Exchange Commision brought lawsuits against Binance and Coinbase.
