23. February 2024

Bitcoin Greed Reaches New Heights: Price Surges 80% in 2021

• Bitcoin Fear & Greed Index moves into Greed territory at 69 mark
• Price of Bitcoin dropped 1.5% in the previous 24 hours to below $29,491
• Market downturn likely when investor greed becomes excessive

Bitcoin Fear and Greed Index Reaches Highest Point

The crypto fear and greed index is a composite of market sentiment indicators. Data from Alternative shows that on March 21, 2023, the Bitcoin fear & greed index reached its highest point in 16 months, at 69. This indicates that Bitcoin has returned to its “greed” phase for the first time since March 2022. Consequently, the greed index has moved deeper into positive territory, currently sitting at 69.

Significance of the Fear and Greed Index

The fear and greed index can be used by traders and investors to make educated decisions. Generally, times of great panic provide excellent purchasing opportunities while excessive investor greed may indicate an upcoming market downturn.

Bitcoin Price Movement Over Last 30 Days

Over the last 30 days, Bitcoin has increased by 7.1%, 3.1% over the past 14 days, and 1.57% over the past week as measured by statistics from CMC. After breaking above the $30,000 barrier last week for the first time since June 2022 when digital asset selloff intensified into a harsh bear market, Bitcoin’s price dropped 1.5% in the previous 24 hours to below $29,491. Recently it reached a trading high of 31000 which pushed its price more than 80% higher so far this year.