Bitcoin continues to head for the moon, even on weekends. The asset’s prices have not declined much after the huge price increase last month. The Fear & Greed Index demonstrates that overall sentiment is still positive in the crypto market. The most sought-after territory is now the index that had spent the majority of the last two months after the market’s all time high.
Fear & Greed cryptocurrency shows that the market is now in “extreme greed”. The market is on an upward trend for the past two week. The index had been slowly moving out of “extreme fear” at the time when the market seemed most vulnerable. Prices crashed from bitcoin to altcoins. It felt the negative emotions.
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The market began to move from extreme fear to fear territory during the first week in August. This was a breather of fresh air. It was not ideal but it did show that cryptocurrencies are on the rise again. The price of the digital currency was neutralized after a week of uptrend. Then what followed was a rapid rise in “greed” territory. Bitcoin had reached $40,000, and it was not clear how long this ramp-up would continue. This was a great opportunity for investors, so they poured money into the market.
The price of bitcoin reached $ 48,000 last week, more than 2 months after reaching an all-time high $ 64,000. Market sentiment has turned ultra-positive as a result of the continued growth. The Fear & Greed Index scored 78 yesterday and 76 today. It indicated that investors were investing money in cryptocurrencies.
Extreme Greed is the new trend in crypto market | Source: Fear & Greed Index on Alternative.me
The index is taken by the Bitcoin market
With the Fear & Greed index in “extreme greed”, enormous buying pressure was exerted on the market. The market saw a lot of money pouring in, which caused cryptocurrency prices skyrocket. After two months of continuous lows, the total crypto market hit $ 2 trillion. Altcoins, like Bitcoin, have also seen strong growth.
Source:| Source: TradingView.com - BTCUSD
Although bitcoin is trading at $ 48,000, it looks very promising to hit a new all time high. These indicators show that the bullish rally is still going strong. The market continued to show momentum. This means that, although the price may suffer small declines, overall control is in the hands the bulls. They are determined to drive bullish vehicles for as long possible.
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Individual and institutional investors have both shown a pattern of bitcoin accumulation. Exit fees have fallen far short of exchange entries, which indicates that cryptocurrency investors are moving their digital assets away from cryptocurrency exchanges to private wallets.
Featured image by Finance Magnates, chart at TradingView.com