Fear & Greed Index attains peak level not seen since November 2021
The Fear and Greed Index in the crypto market has hit its highest level since November 2021, indicating a strong sense of greed. According to data from the Alternative.me platform, the index currently stands at 76 points, which is the same level it was at when the price of Bitcoin reached $69,000. This suggests a bullish sentiment that has not been seen since then.
The Fear and Greed Index is a numerical representation of the emotions and sentiments of crypto market participants. Currently, it is in the “extreme greed” zone, fluctuating between 71 and 74 over the past month. Only on December 5, when the price of Bitcoin surged to $44,000, did the index briefly reach the 75-point mark.
In November 2021, the crypto market also entered the “extreme greed” zone with an index of 77, coinciding with the highest price ever reached by the first cryptocurrency.
On January 8, Bitcoin hit another annual high at $47,000 and is currently trading at $46,707. In the past 24 hours, the price of Bitcoin has increased by 4%.
The increase in greed sentiment comes as issuers of Bitcoin spot ETFs have submitted final applications to the U.S. Securities and Exchange Commission (SEC). Analysts expect the SEC to make a decision on these applications by January 10.
Read more:
Bitcoin ETF applicants increase Bitcoin purchases ahead of SEC decision.
Follow Us on Google News.
