“The Crypto Fear & Greed Index has returned to levels not seen since the peak cryptocurrency market rally of November 2021. Bitcoin BTC
$34,154 market sentiment has returned to levels not seen since its price reached $69,000 in mid-November 2021, according to the Crypto Fear & Greed Index. The index is now at 72 out of a total possible score of 100, placing it within the “greed” ranking — a six-point increase from Oct. 24 and a 16-point bounce from its 50-point “neutral” rank on Oct. 18. The strengthening market sentiment follows a wave of excitement that BlackRock’s spot Bitcoin exchange-traded fund (ETF) could be inching toward approval by the United States Securities and Exchange Commission. On Oct. 24, Bitcoin staged its largest single-day rally in over a year, recording a 14% daily gain as its price briefly moved above the $35,000 mark. The index gathers and weighs data from six market key performance indicators — volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin’s dominance (10%) and trends (10%) — to score market sentiment each day. Nov. 14, 2021, was the last time the index reached a score of 72, just four days after BTC notched its all-time high of $69,044 on Nov. 10, 2021, according to CoinGecko data.”
The Crypto Fear & Greed Index has resurfaced to levels reminiscent of the peak crypto market euphoria of November 2021. Bitcoin, often referred to as BTC, stands at a notable $34,154.
This resurgence in market sentiment harkens back to the glory days of mid-November 2021 when Bitcoin’s price soared to an impressive $69,000. As documented by the Crypto Fear & Greed Index, it presently stands at an impressive 72, out of a possible 100, firmly ensconced in the “greed” category. This marks a notable six-point ascent from the index’s score on Oct. 24 and a remarkable 16-point leap from its “neutral” stance at 50 points on Oct. 18.
The resurgence in market sentiment mirrors the excitement surrounding BlackRock’s potential approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission. It was on Oct. 24 that Bitcoin made a spectacular comeback, marking its most significant single-day rally in over a year, with a staggering 14% daily gain, briefly breaching the $35,000 threshold.
The Crypto Fear & Greed Index meticulously collects and evaluates data from six key market performance indicators. These include factors like volatility (25%), market momentum and volume (25%), social media buzz (15%), surveys (15%), Bitcoin’s dominance (10%), and market trends (10%). This extensive analysis culminates in a daily sentiment score.
It’s a momentous occasion, as the index’s score of 72 hasn’t been witnessed since Nov. 14, 2021, merely four days after BTC marked its all-time high of $69,044 on Nov. 10, 2021, according to the meticulous records kept by CoinGecko.
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