The crypto fear & 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.
Also read: Terra Founder Do Kwon Tells Police He Was Surprised by His Arrest
Data from Alternative revealed that the Bitcoin fear & greed index touched a 16-month high of 68 on March 21, 2023. However, according to the latest details, the greed factor has dipped.
Bitcoin Fear & Greed Index falls to 59
The stage of greed was touched after almost 16 months of fear and extreme fear. However, the greed stage has fallen to 59, according to the latest details.
The greed stage attained its glory when cryptocurrency prices started rising, with Bitcoin touching $28,000. However, the recent lawsuit by the U.S. Commodity Futures Trading Commission (CFTC) against Binance and CZ has affected the prices of major cryptocurrency assets.
Also read: Binance BUSD Stumbles Under Regulatory Pressure: $500 Million Outflows
Bitcoin dropped below $27,000, and Ethereum fell below $1,700 before slightly pulling upwards. Data from CoinMarketCap reveals that the top-20 coins that exhibited the best performance in the last 24 hours are Ripple (XRP) and Cardano (ADA), with a 10.45% and 5.56% gain in value, respectively.