Crypto fear and greed index attains highest level in three years
The Fear and Greed Index has surged to its highest point since February 2021, as Bitcoin (BTC) approaches its all-time high. Currently standing at 90, the index indicates an extreme level of greed among traders, signaling a strong desire to buy more cryptocurrency. As the market continues to rise, people are accumulating more digital assets, resulting in increased greed and higher price fluctuations.
According to Alternative.me, the graph illustrates that the metric has remained below 70 for several years. However, market sentiment has significantly improved since last fall, coinciding with the market’s recovery and shift towards a bullish phase.
As of now, BTC is being traded at $66,700. In the past 24 hours, the asset has seen a 2.4% increase in price, and over the course of 7 days, it has risen by 17.7%, as reported by CoinMarketCap. Bitcoin’s market capitalization has surpassed its previous all-time high, reaching over $1.3 trillion. On March 4, the BTC price briefly touched $68,600, just below the record high achieved in November 2021.
In response to this surge, the volume of liquidations on cryptocurrency futures has exceeded $560 million. The majority of liquidations occurred on trading pairs involving Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB). The largest number of liquidations were recorded on the Binance and OKX cryptocurrency exchanges.
For more information, you can read the article titled “Bitcoin trade volume hits highest level since 2021, Kaiko says.” Stay updated by following us on Google News.
