Crypto Market Sentiment Highest Since Bitcoin All-time High
25 Oct, 2023 ● Coin news
The Crypto Fear & Greed Index indicates that the sentiment surrounding Bitcoin (BTC) has recovered to levels not seen since the cryptocurrency's mid-November 2021 price peak of $69,000.
The index is currently in the "greed" category with a score of 72 out of 100, up six points from October 24 and up 16 points from its 50-point "neutral" rank on October 18.
The excitement surrounding BlackRock's spot Bitcoin exchange-traded fund (ETF) and its potential approval by the US Securities and Exchange Commission has led to an upswing in market sentiment.
To calculate the daily market sentiment score, the index collects and aggregates data from six market KPIs: volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin's dominance (10%), and trends (10%).
According to CoinGecko data, the last time the index achieved a score of 72 was on November 14, 2021, which was only four days after Bitcoin hit its all-time high of $69,044 on November 10, 2021.
On June 16, 2022, following the demise of Do Kwon's Terra ecosystem, the index recorded its lowest-ever score of 7.
A series of price-dampening events were set off by the aftermath of the Terra collapse, and among the first casualties were the cryptocurrency lender Voyager Digital and the hedge fund Three Arrows Capital.
Sources:
https://cointelegraph.com/news/crypto-sentiment-high-point-btc-record-high
https://alternative.me/crypto/fear-and-greed-index/#google_vignette
