Bitcoin ($BTC) has recently seen its Fear & Greed Index, which serves as an aggregate for investor confidence and attitude towards the market, has risen to a state of “greed” for the first time in nearly a year. The move to a state of greed is being seen at a time in which the price of the flagship cryptocurrency Bitcoin appears to be stabilizing around the $23,000 mark after outperforming most other assets so far this year in a surprising recovery.
The index, which utilizes multiple sources, including social media, to produce a relative number that reflects investor sentiment, has risen from 6 when BTC dropped below $18,000 last year. Per the index behaviour in the cryptocurrency market is “very emotional” and people “ get greedy when the market is rising which results in FOMO (Fear of missing out).” (cryptoglobe)
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