Cryptocurrency Fear and Greed Index Hits Record Highs

Amid an impressive spike in Bitcoin (BTC) prices, market sentiment has moved away from the “neutral” zone.

The Crypto Fear & Greed Index, a complex market sentiment indicator tracked by alternative.me, has seen its strongest rise in six months. via.

From fear to greed in six days

On March 28, 2022, the index rose 11 points overnight. Now it is estimated to be 60/100; this means traders are moving into a “greedy” state.

Cryptocurrency Fear and Greed Index Hits Record Highs 1

Source: alternative.me

As a result, the index spiked to its highest level in more than four months. In fact, it was once that high when Bitcoin (BTC) was valued at over $69,000 and the crypto market cap remained above $3 trillion.

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The pace seems really fast: the index doubled in less than a week and tripled in a month.

The recovery was most noticeable most recently from September to October 2021, when the index spiked from 20 to 71 in a week.

Bitcoin (BTC) Returns to Year-to-Year Highs

The Crypto Fear & Greed Index is an integrated metric that looks at volatility, market dynamics, social sentiment, and search engine trends.

Normally, traders tend to have a positive sentiment amid the Bitcoin (BTC) price spike. Today, the largest cryptocurrency has rallied, reaching more than $47,500, which is the highest daily close of 2022 so far.

Also, this rally looks exceptional on the one-day timeframe. Today, Bitcoin (BTC) recorded its seventh consecutive green candle, up more than 15%. The last time seven green candles were seen was in July of last year, when BTC spiked from $29,000 to $42,000.

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