The Crypto Fear & Greed Index is hitting levels not seen since the peak of the crypto market in November 2021. Market sentiment, reflecting how people feel about the market, has climbed back to the excitement of that time when Bitcoin reached $69,000.
The index now stands at 72 out of 100, putting it in the “greed” category. This is a significant jump from the “neutral” rank of 50 on October 18 and a six-point increase from October 24.
The recent surge in market sentiment is linked to the possibility of the United States Securities and Exchange Commission (SEC) approving BlackRock’s spot Bitcoin exchange-traded fund (ETF). On October 24, Bitcoin had its largest one-day gain in over a year, rising by 14% and briefly crossing the $35,000 mark.
The Crypto Fear & Greed Index takes data from various factors like market volatility, momentum, social media, surveys, Bitcoin’s influence, and trends to score daily market sentiment. The last time it hit 72 was on November 14, 2021, just four days after Bitcoin reached its all-time high of $69,044 on November 10, 2021, according to CoinGecko data.
Crypto Market Excitement and Bitcoin’s Rise
The Crypto Fear & Greed Index has surged to levels reminiscent of the peak in the crypto market back in November 2021. Bitcoin, also known as BTC, is now at an impressive $34,154.
This renewed enthusiasm in the market takes us back to the heady days of mid-November 2021 when Bitcoin’s price reached an astonishing $69,000. According to the Crypto Fear & Greed Index, it’s now at a solid 72 out of 100, firmly placing it in the “greed” category. This marks a significant jump of six points from the index’s score on October 24 and an impressive 16-point leap from its “neutral” position at 50 points on October 18.
What’s Driving the Excitement
The resurgence in market sentiment is closely tied to the anticipation of the United States Securities and Exchange Commission (SEC) potentially approving a spot Bitcoin exchange-traded fund (ETF) offered by BlackRock. On October 24, Bitcoin made a remarkable comeback, achieving its most significant single-day rally in over a year, with a whopping 14% daily gain and briefly crossing the $35,000 mark.
The Crypto Fear & Greed Index is based on data from six key market performance indicators, which include factors like volatility, market momentum, social media activity, surveys, Bitcoin’s influence, and market trends. These factors are carefully weighed to calculate a daily sentiment score.
A Significant Milestone
The index’s score of 72 is a momentous occasion, as it hasn’t been seen since November 14, 2021, just four days after BTC reached its all-time high of $69,044 on November 10, 2021, as per the meticulous records maintained by CoinGecko.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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