The Cryptocurrency Fear and Greed Index Reaches Highest Level in Two Years Amid Market Recovery
The Cryptocurrency Fear and Greed Index Reaches Highest Level in Two Years
The Cryptocurrency Fear and Greed Index has recently reached a level of 72, which is the highest it has been in the past two years. The last time the index was above 70, aside from October 2023, was two years ago when it reached 84 on November 9, 2021. During that time, the main cryptocurrency experienced significant growth, reaching a historical high of $69,044 on November 10.
Rise in Metric Values Amid Cryptocurrency Market Recovery
The increase in the Fear and Greed Index coincides with a recovery in the cryptocurrency market, driven by discussions about the potential launch of the first Bitcoin-based exchange-traded fund (ETF) in the United States. The market value of this ETF has reached $692 billion, as reported by CoinGecko.
Bitcoin Dominance Index and Positive Price Dynamics
The Bitcoin dominance index currently stands at 51%, which is comparable to the values seen in April 2021. Since mid-October, the price of Bitcoin has shown positive trends, surpassing the $30,000 mark on October 16. Speculations about the approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC) for BlackRock’s BTC further fueled this growth.
Significant Growth in First Cryptocurrency
Since the beginning of the year, the price of Bitcoin has increased by approximately 113%. At the time of writing, it is trading at $35,400, reflecting a 2.9% increase in the last day. This surge in value coincided with the US Federal Reserve meeting on November 1.