2023-10-26 16:04:19
BTC PRICE investor greed has recently reached its peak. The Crypto Fear and Greed Index has reached a level of 71. This reflects the extreme greed of market participants. By the way, this value is the same as the level measured in November 2021, when BTC reached an all-time high of $69,000. According to crypto data source Alternative.me, the greed ranking indicates a bullish bias. This is consistent with recent opinions that the bear market is a thing of the past. The index uses a number of metrics. Volatility, market momentum, social media, surveys, Bitcoin dominance and trends among others. The scale measures the mood of the market with values ranging from 0 to 100. A value ranging from 0 to 49 indicates excessive fear, a value of 50 indicates neutrality, while a value ranging from 51 to 100 indicates excessive greed. When the market goes up, people tend to get greedy. Fear of missing out (FOMO) kicks in, leading to impulsive buying and selling. The current index value of 71 indicates that investors have more confidence in cryptocurrencies, especially BTC. On October 24, BTC posted its biggest one-day gain in a year, rising 14% to reach the $35,000 level. This rise was attributed to excitement over BlackRock’s spot Bitcoin exchange-traded fund (ETF) application for possible approval by the US Securities and Exchange Commission (SEC). Although the price of BTC has pulled back and is currently hovering around the $34,400 price range, it has gained roughly 28% in less than two weeks. The asset’s current greed rating is up 24 points from 47 on October 16 and up five points from 66 on October 24. The bullishness of the greed ranking is also confirmed by recent opinions. The bear market may finally be over and BTC and other cryptocurrencies can continue their impressive performance.
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