According to the Multifactorial Crypto Market Sentiment Analysis platform, the Bitcoin Fear and Greed Index has reached a notable milestone, hitting a high of 68 – the highest point since November 2021. This coincides with Bitcoin’s recent surge, which reached the $28,000 mark for the first time since June 2022. These findings provide valuable insights into the current state of the crypto market and offer valuable information for investors and traders alike.
On March 21, the Bitcoin Fear and Greed Index reached a noteworthy milestone, scoring a high of 68 – the highest recorded this year. This is a significant achievement, as the index had not surpassed a score of 66 since November 16, 2021, shortly after Bitcoin’s all-time high of over $69,000 on November 10, 2021, according to Coingecko. This indicates a positive trend in the market, and investors can take this as a promising sign for the future of Bitcoin.
The Crypto Fear and Greed Index quantitatively depicts the prevailing attitudes and feelings surrounding prominent cryptocurrencies, focusing on Bitcoin. The scale spans from 0 to 100, with 0 indicating “Extreme Fear” and 100 denoting “Extreme Greed.”
The Bitcoin market underwent a fleeting apprehension phase from March 9 to 12, as the Fear and Greed Index plummeted into the Amber zone, hitting a low of 33. Nevertheless, within two days of the downturn, the index registered an upswing in the meter gauge to 56 and has since maintained its position in the Greed category.
According to the latest data from Coingecko, Bitcoin has experienced a remarkable surge of almost 30% in the past week. This impressive growth has propelled the cryptocurrency to a value of $28,000, a level not seen since June 2022. Over the last three days, BTC has been trading between $27,120 to $28,500, indicating a steady and consistent performance. These figures demonstrate the resilience and potential of Bitcoin as a valuable asset in the digital economy.
The Bitcoin Fear and Greed Index Platform recently shared its market analysis on Twitter, prompting a user to comment, “FOMO time.”
The current state of Bitcoin’s “Greed” zone is quite unexpected, especially considering the “Fear” or “Extreme Fear” trends that dominated the market last year. These trends were caused mainly by industry collapses and scandals, such as the Terra crash, Celsius bankruptcy, and FTX demise. While last year’s lower digital asset prices may have presented a buying opportunity, the current “Greed” sentiment could potentially lead to a correction. As professionals in the industry, it’s essential to remain vigilant and keep a close eye on market trends to make informed decisions.
