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The crypto fear and greed index has hit a 17-month high, according to data from Alternative. The index currently stands at 69.
- What: The Bitcoin fear and greed index, which tracks various components of the crypto market, has hit a 16-month high of 69.
- Why: This increase was due to the steady growth in the value of Bitcoin, with the cryptocurrency experiencing a surge of 7.1% in the last 30 days.
- What’s next: Investors should watch the index as extreme fear can be a buying opportunity, while too much greed in the market can indicate an impending correction.
The index is a collection of various components and factors of the current crypto market to determine momentary investor sentiment towards BTC. These factors include price volatility, social media comments and surveys. The index is updated daily and varies depending on market conditions, crypto asset volatility, market statistics, trading volume and other factors.
https://twitter.com/BitcoinFear/status/1647925415384608768
Bitcoin entered a “greed” phase in January 2023 for the first time since March 2022. Since then, the index has been in a greed phase and is currently at 69.
The cryptocurrency market has been consolidating gains recently, with Bitcoin surging 7.1% in the last 30 days, 4.1% in the last 14 days, and 3.7% in the last seven days, according to CoinGecko data. BTC is currently trading at $29,402, an increase from a one-month low of $26,606.69. The cryptocurrency briefly touched $31,005 before falling to its current price. The surge in Bitcoin’s value has been linked to the collapse of several banks, including Silicon Valley Bank.
Fear Greed Index – What’s Next?
The Fear & Greed Index provides valuable information for investors and traders, as extreme fear can signal buying opportunities while too much greed can indicate a correction. With Bitcoin in a “greed” phase and the index at a 17-month high, investors should remain vigilant and keep a close eye on market conditions.
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