The Crypto Market’s Fear and Greed Index Reaches Highest Level Since 2021
The Fear and Greed Index in the crypto market has hit its highest level since November 2021, indicating a strong sense of greed among participants. According to data from the Alternative.me platform, the index currently stands at 76 points, which hasn’t been seen since Bitcoin reached $69,000. This bullish sentiment is reflected in the extreme greed zone where the needle currently lies.
The Fear and Greed Index serves as a numerical representation of the emotions and sentiments prevailing in the crypto market. Over the past month, it has fluctuated between 71 and 74 points, briefly touching 75 when Bitcoin jumped to $44,000 on December 5th. The last time the index entered the extreme greed zone was on November 11th, 2021, with a score of 77 when Bitcoin reached its all-time high.
On January 8th, Bitcoin hit another annual high at $47,000 before settling at $46,707. This represents a collective increase of 4% in the asset’s value over the past 24 hours.
This surge in greed sentiment coincides with the news that issuers of BTC spot ETFs have submitted their final applications to the U.S. Securities and Exchange Commission (SEC). Analysts expect the SEC to make a decision on these applications by January 10th.
Hot Take: Bullish Greed Dominates the Crypto Market
The Fear and Greed Index reaching its highest level since November 2021 indicates a prevailing sentiment of greed among crypto market participants. With Bitcoin hitting annual highs and the needle firmly in the extreme greed zone, it’s clear that bullishness is driving the market. The upcoming decision by the SEC regarding BTC spot ETFs adds further anticipation and excitement to the mix. As the crypto market continues to experience significant price movements, it’s essential for investors to carefully monitor market indicators and manage their risk accordingly.
By
By
By
By
By
By