Crypto Sentiment Reaches All Time High Since BTC’s 69K Dollars

Crypto News- The Crypto Fear & Greed Index has recently surged to a level of 72, marking a sentiment in the market that hasn’t been seen since Bitcoin’s remarkable price peak of $69,000 back in November 2021. This notable increase reflects a growing sense of “greed” within the market, with a noticeable 6-point jump from its neutral ranking of 50 on October 18 and an impressive 16-point leap from October 24.

Crypto Sentiment Reaches All Time High Since BTC’s 69K Dollars

This resurgence in market sentiment coincides with the mounting anticipation surrounding the potential approval of BlackRock’s Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission.

On October 24, Bitcoin saw its most significant single-day rally in over a year, surging by an impressive 14% and briefly breaking through the $35,000 threshold. The Crypto Fear & Greed Index takes into account various market performance indicators, including volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin’s dominance (10%), and trends (10%), to calculate its daily market sentiment scores.

The last time this index reached a score of 72 was on November 14, 2021, just four days after Bitcoin reached its all-time high of $69,044 on November 10, 2021, according to CoinGecko data. This surge in sentiment follows a series of events, including the Terra collapse, which triggered a chain of price-dampening effects, impacting entities like hedge fund Three Arrows Capital and crypto lender Voyager Digital, among others.