Sentiment surrounding the cryptocurrency market is the most positive since Bitcoin hit an all-time high nearly 16 months ago.
The Crypto Fear and Greed Index reached its highest index score this year. The last time we saw such a high value was when Bitcoin reached its all-time high in November 2021.
The index's March 21 update showed 68 points, which puts it firmly in the " Greed " range.
The purpose of the Crypto Fear and Greed Index is to quantify the current "feelings and sentiments" regarding Bitcoin and the cryptocurrency market. The highest possible score is 100.
According to data from Coingecko , the index last recorded a score above 66 on November 16, 2021, a few days after Bitcoin hit an all-time high of $69,000 on November 10, 2021.
The sentiment surrounding BTC and crypto has become quite positive since the collapse of Silicon Valley Bank and the resulting collapse of the traditional financial system.
Over the past seven days, Bitcoin has gained about 27.8%, according to Coingecko, and has reached $28,000 for the first time since June 2022.
In a March 20 analysis, Matrixport's head of research at crypto financial services, Markus Thielen, said BTC has several positive indicators as "the liquidity story continues to play in Bitcoin's favor."
The analyst revised his short-term price target to $36,000 for June 2023, while he predicted a year-end target of $45,000.
For more content, follow us here, on Twitter, or visit our blog.
#crypto2023 #cryptotrading #bitcoin #CryptoFearandGreed #bankingcrisis