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Finally, after a long time, the crypto Fear and Greed Index entered the Greed Zone
Overall, the crypto market has seen significant growth, which indicates that the market is recovering. Major cryptocurrencies like bitcoin and Ethereum have seen slight growth in their trading price, while numerous other altcoins have performed well. Currently, the overall crypto market holds a market capitalization of $2.17 trillion, while the bitcoin, with the dominance of more than 40% in the crypto market cap, its price is trading at around $47,874, while Ethereum, which holds approx 18% of the total market cap is trading at $3,457.
Since November 16th last year, the crypto fear and greed index has not reached the greed position it arrived at yesterday on March 29th, 2022. The greed and fear index relies on emotions and sentiments taken from different sources and then summed up into a specific number termed either fear or greed.
On March 28th, when the crypto greed and fear index hit the mark of 60, it held the greed position. The day before yesterday, the index showed a score of 49 and was at a neutral stance, which is neither greedy nor feared. For last week and month, the ranking was both held in fear position with a score of 26. The zone of either fear or greed is considered based on a score that is evaluated daily. For today, the index also shows a crypto market in the greed zone with a score of 56.
Before the recent jump, the greed and fear index also recorded a score of 52, but later on, it dropped back down. The score got down to 28 on March 10th, which has started rising after March 14th.
Besides the jump in the crypto fear and greed index, the crypto market also got optimistic signals from cryptocurrency volume. On March 28th, the volume crossed the $100 billion mark and reached up to $131 billion in daily trade volumes globally.
Several other factors that could tell the market situation are the bitcoin obituaries list published by 99bitcoins.com. Websites stats has declared bitcoin dead more than 400 times since 2010, from where it’s tracking and keeping the record. Their list consists of obituaries every year, which was 47 times last year. For this year, 2022, as three months have passed, six so-called death of bitcoin has been recorded. The last recorded bitcoin death was on February 17th.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
