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📈 Today, the Cryptocurrency #FearAndGreedIndex hit 82, signaling extreme greed in the market. As Bitcoin edges closer to its all-time high and total market capitalization mirrors April 2022 peaks.
Looking at historical trends, such high levels of greed often precede corrections. However, recent market dynamics challenge this notion. The influx of institutionalization through spot #ETFs and $ETH upcoming #DencunUpgrade add layers of complexity to the current scenario.
While traditionally, weak performance before a halving is expected, the reality differs amidst institutional adoption and optimistic sentiments. The trading volume of spot bitcoin ETFs propels $BTC growth, while Ethereum's impending upgrade fuels investor interest, as noted by Bybit and The Block.
$BTC is up by 4.8% in the last 24H and it’s only 13% lower than the ATH ($68,789).
Despite potential corrections, premature exits may result in missed opportunities, especially considering the market's resemblance to the bullish trend of the second half of 2020.
Ultimately, whether the market will correct or continue its ascent remains uncertain.
