The Crypto Fear and Greed Index, a sentiment indicator that provides a quick overview of the mood in the crypto market, has reached its highest level since Bitcoin hit its all-time high in mid-November 2021.
On 13th February the index stood at 79, which was the level of “extreme greed” after the previous day, on 12th February, Bitcoin rose above $50,000. The surge complements an impressive rise in Bitcoin which has gained 13% in value over the year.
The index had seen a value of 76 on the 11th of January which was associated with the enthusiasm around the launch of the first spot Bitcoin-based ETFs in the United States.
Persisting uptrend and growing euphoria indicate the market may soon cease to be affected by selling associated with the ETF approval announcement. The Crypto Fear and Greed Index, composed of such factors as Google Trends, surveys, and social media, is a tool that tries to represent traders’ behavior.
While, investors are recommended to take time and examine the instrument of their choice as per their investment objectives. The rush for greed reveals the volatile nature of cryptocurrency markets, which is at odds with the rising interest and institutional involvement.
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