Greed Dominates Bitcoin Market Again After Two Years

Bitcoin (BTC) had a month of November with green numbers for its market value. The leading cryptocurrency continued the trend that started in October, which lifted greed in the market to numbers not seen in the last two years.

The Fear and Greed index accumulated 30 consecutive days above 50 points. That is, it is above half of the index’s total value, which ranges from 0 to 100. A low score indicates a feeling of extreme fear, while a high score indicates extreme greed. At the time of writing, greed stands at 73 points. In the last week, meanwhile, it averaged 66 points.

In November 2023, Bitcoin went from trading at $34,450 to $37,800 at the close of this note; the increase in its price was 9.7%.

This “green wave” has not been seen since November 2021. At that time, bitcoin reached no less than its all-time high price to date, reaching $68,789 on November 10th, as reported in CryptoNews. “Extreme greed” hit 84 points with that historic milestone.

This time, the streak of greed days comes against a bullish backdrop for the bitcoin market, driven mainly by the expectation around the approval of the first bitcoin spot ETF (exchange-traded fund) in the United States. This event would result in the entry of large institutional investors, something that motivates the market and drives up the demand – and thus the price – for Bitcoin.

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What the Fear and Greed Index is for

The Fear and Greed index is a metric that attempts to measure the psychology of the cryptocurrency market, specifically in relation to Bitcoin. It relies on various factors and data to assess the general sentiment of investors towards the market at any given time, with the goal of providing insight into whether the market is dominated by fear or greed.

At the time of writing, Bitcoin’s dominance in the cryptocurrency market is 49%.

Some of the indicators and metrics taken into account for the Fear and Greed index are Bitcoin market capitalization, trading volume, price volatility, social media sentiment, futures open interest, and other relevant variables.

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(Featured image by AaronJOlsen via Pixabay)

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