The crypto fear and greed index is an aggregate of various components and factors of the current crypto market. The index is updated on a daily basis, and it varies. With the change in market conditions, crypto asset volatility, market statistics, trading volume, and other factors, the index changes.
The index helps investors and traders make the right move in the market. The general indication is that when there is extreme fear, it could be a buying opportunity. Similarly, when there is too much greed in the market, investors should brace for a correction.
According to the data from Alternative, the Bitcoin fear & greed index touched a 16-month high of 69 after touching a high of 68 on March 21, 2023.
Bitcoin fear & greed index reaches a 16-month high
In January 2023, Bitcoin entered the “greed” phase for the first time since March 2022. Following that, the greed index is in the green and stands at 69 at press time.
Bitcoin’s value has seen a steady increase following the collapse of several banks, including Silicon Valley Bank. According to CoinGecko data, Bitcoin has experienced a surge of 7.1% in the last 30 days, 4.1% in the last 14 days, and 3.7% in the last seven days.
As of now, BTC is trading at $29,402, an improvement from its one-month low of $26,606.69. The cryptocurrency briefly touched $31,005 before falling to its current price.