The Crypto Fear and Greed Index hit its highest level since July, staying above 60 for two straight days. On Sept. 28, the index reached 64, signaling “Greed,” as Bitcoin’s price briefly surged to $66,000, according to CoinMarketCap. The Crypto Fear and Greed Index reflects the current sentiments and emotions surrounding Bitcoin and the crypto market, ranging from 0 to 100.
In August, the sentiment mainly was “Fear,” with the index rarely breaking 60. On Aug. 6, it hit its lowest point of 17, when Bitcoin was priced around $53,000. The index last hit a score above 64 in July. 30, when Bitcoin traded around $66,000.
The Crypto Fear & Greed Index reflects how traders and investors feel by analyzing factors like Google search trends, surveys, market momentum, dominance, social media buzz, and market volatility. Based on the Crypto Fear & Greed Index, the score is calculated by considering 25% market volatility, 25% market momentum, and 15% social media trends, among other factors.
Market anticipates Bitcoin’s next move
The head of research at 10x Research, Markus Thielen, mentioned in a report on Sept. 27 that he might see a crypto rally in the fourth quarter. He believes that if Bitcoin rises above $65,000, it could spark a wave of FOMO (fear of missing out) in the market. According to CoinMarketCap, Bitcoin has seen an impressive rise of about 11.18% over the past month, marking its strongest performance since March.
In related news, Capriole CEO and founder Charles Edwards expects new investments as traders shift their focus from gold and other stocks to Bitcoin. Edwards stated in a Sept. 27 post that over the next six months, money will continuously flow back into Bitcoin from gold and stocks.
According to the asset management firm VanEck, Bitcoin has been the best-performing asset this year, significantly outperforming traditional investments. Spot BTC prices have jumped 124% in the past year. However, the firm pointed out that a recent price drop has left some investors anxious.
