March 27, 2024
Crypto market sentiment reaches peak since BTC's $69K all-time high
Bitcoin News

Crypto Market Sentiment Reaches Peak Since BTC’s $69K All-Time High

Market sentiment for Bitcoin, as indicated by the Crypto Fear & Greed Index, has recently surged to a level not seen since November 2021 when Bitcoin’s price hit $69,000. The index now stands at 72 out of 100, signaling “greed,” marking a significant increase from 50, which was “neutral” on October 18, and a six-point jump from October 24.

This renewed optimism is tied to growing excitement over the potential approval of BlackRock’s spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission.

On October 24, Bitcoin experienced its most substantial single-day gain in over a year, rising by 14% and briefly surpassing the $35,000 mark. The Crypto Fear & Greed Index evaluates market sentiment using various indicators, such as volatility, market momentum, social media, surveys, Bitcoin dominance, and trends.

Notably, the last time the index reached a score of 72 was on November 14, 2021, shortly after Bitcoin achieved its all-time high of $69,044 on November 10, 2021. It reached its lowest-ever score of 7 on June 16, 2022, following the collapse of the Terra ecosystem.

This collapse had far-reaching consequences, affecting entities like hedge fund Three Arrows Capital and crypto lender Voyager Digital. In the wake of the excitement surrounding spot ETFs, Galaxy Digital, a crypto investment firm, has predicted that Bitcoin’s price could potentially increase by more than 74% in the first year following a successful ETF approval.

Image by Freepik

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