18 days ago on March 28, the Crypto Fear and Greed Index tapped the “greed” position, scoring a 60 for the first time in four months. The bitcoin price has dropped more than $7,500 since that time and fell to $39,000.0 per unit by April 11. The downturn has pushed the Crypto Fear and Greed Index back down to the “extreme fear” position with a score of 22.
Crypto Sentiment Index Slides to ‘Extreme Fear,’ Bitcoin’s USD Value Is Down 35.7% Year-to-Date
The price of bitcoin (BTC), which had fallen to as low as $49.823.77 on Friday, has now stabilized. BTC’s 24-hour range on Friday has been between $39,823.77 to $40,709.11 per unit, with roughly $22 billion worth of global trading volume.
Bitcoin’s price has dropped 7.2% over the last week. The two-week statistics reveal that it is now down 11.3%. Year-to-date, bitcoin’s price against the U.S. dollar is 35.7% lower than a year ago today.
While bitcoin’s market capitalization on Friday is around $767 billion it represents 38.91% of the current $1.97 trillion crypto economy. Today’s top trading pair with BTC is tether (USDT) with 60.88% of all trades worldwide. Following Tether are USD (12.27%) BUSD (7.88%) JPY (4.09%), KRW (3.28%) and USD (7.09%).
On April 15, the Crypto Fear and Greed Index tapped the “extreme fear” position and has a current score of 22. Yesterday, it was 28 which represents “fear” and the week prior, the score was 37, which also means “fear.”
Crypto Fear and Greed Index uses market sentiment to simplify it and gives it a description. Traditional financial markets also use sentiment indexes. Financial businesses, universities, and media organizations like CNN, the University of Michigan, Nasdaq’s ISEE Index, and more use these sentiment indexes to gauge how the market feels.
Bitcoin is the ninth-largest global asset today, in terms of market capitalization, above Berkshire Hathaway’s market valuation ($760.36B), and below Tesla’s capitalization ($1.018T).
It was 24 days and 22 days since the Crypto Fear and Greed Index last tapped a 22. Alternative.me’s Crypto Fear and Greed Index explains that extreme fear and extreme greed can take on two meanings.
“’Extreme fear’ can be a sign that investors are too worried. That could be a buying opportunity,” the website explains. “When Investors are getting too ‘greedy,’ that means the market is due for a correction.”
What do you think about today’s Crypto Fear and Greed Index data reaching extreme fear? Please comment below to let us know your thoughts on this topic.
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