The Concern and Greed index rose to 79 out of 100 factors for the primary time since Bitcoin (BTC) reached an all-time excessive of $69,000.
The Fear and Greed index within the crypto market rose to 79 factors out of 100, which suggests market sentiment has shifted to the “excessive greed” sector.
The present worth is taken into account extraordinarily excessive, final seen in early November 2021 – earlier than Bitcoin reached an all-time excessive of $69,000.
Concern and greed are feelings that always affect investor conduct. Concern is accompanied by large promoting and panic available in the market, and greed is accompanied by energetic shopping for of cryptocurrencies. The latter can result in extra demand and artificially inflated coin costs.
In June 2022, after the collapse of the UST stablecoin from Terraform Labs, the indicator dropped to a minimal worth of 9 factors, displaying the intense worry of crypto buyers. On the time of FTX’s chapter submitting in November 2022, the index was between 23 and 30 factors.
By mid-October 2023, it had recovered to a impartial 52 factors, and in November and December – pending the approval of spot Bitcoin ETFs – the index continued to develop within the “greed” zone. On Jan. 9, for the primary time in simply over two years, sentiment within the crypto market reached the “excessive greed” zone.
In the meantime, the Bitcoin charge has reached its highest degree since November 2021. On Feb. 12, the value of BTC exceeded $50,000. Many of the high 10 crypto belongings confirmed development when it comes to capitalization, based on CoinMarketCap.