As a seasoned crypto investor with a decade of experience navigating these digital waves, I find myself standing on the precipice of exhilaration and caution. The “Extreme Greed” zone of the Crypto Fear and Greed Index has been a familiar sight for me since 2013, but the scale’s current reading brings back memories of the heady days of 2017, when Bitcoin touched $20,000.
As a market analyst, I observed an unprecedented surge in market optimism, or “greed,” regarding Bitcoin and other cryptos, as evidenced by the Crypto Fear and Greed Index reaching its peak level in almost seven months on November 10, coinciding with Bitcoin’s price crossing $81,000.
The index reached a level of 78 out of 100, placing it within the “Extreme Greed” range (its highest since April 12), coinciding with Bitcoin trading near $70,000 and the upcoming 2024 halving event.
On October 31, Bitcoin (BTC) entered the “High Investor Enthusiasm” or “Extreme Optimism” range (scoring 75-100), and it has remained between 70 and 78 in the following week as Donald Trump secured the U.S. presidency. This indicates that investors have been showing a high level of optimism towards Bitcoin during this period, with the sentiment leaning more towards excitement than caution or fear.
On November 10th, Bitcoin surged by 6.15% to an unprecedented peak of $81,358, as reported by CoinGecko. However, its price has since dropped slightly and is currently standing at $80,182.
On November 11, the Crypto Fear and Greed Index score has moderately decreased to 76 out of 100.
Industry experts predict that Bitcoin could still experience significant growth ahead of President Trump’s inauguration on January 20, 2025.
This system generates a total score by considering various factors, such as market volatility (25%), trading volume (25%), the sentiment from social media (15%), Bitcoin‘s influence (10%), and trends (10%). Previously, it also considered surveys (15%); however, that aspect is temporarily on hold.
Bitcoin is starting to trend on Google
Over the past week, an increase in Bitcoin’s price appears to have sparked greater interest among individual investors, with a significant surge in Google searches related to “Bitcoin.
Nonetheless, the current level of interest in Bitcoin through online searches is significantly lower than what was observed during the last bull run. As compared to the peak of search volume in late May 2021, recorded by Google Trends, the present search score is only 48 out of 100.
Optimism about cryptocurrencies has risen significantly following Donald Trump’s election win, as well as an increased number of pro-cryptocurrency politicians securing positions in the U.S. Senate and House of Representatives during the 2025-2029 term, boosting hopes for favorable legislation.
If Trump follows through on his pledge to replace Gary Gensler as the chair of the Securities and Exchange Commission, market players might enjoy working under a commission that could be more lenient in its approach.
Jake Chervinsky, a cryptocurrency lawyer, hinted that Mark Uyeda, a critic of the SEC’s regulatory strategy by enforcement, might be the one to succeed Gensler as an SEC commissioner.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- SKEY PREDICTION. SKEY cryptocurrency
- EURC PREDICTION. EURC cryptocurrency
- TWT PREDICTION. TWT cryptocurrency
- JESUS/USD
2024-11-11 03:44