Bitcoin (BTC) had a month of November with green numbers for its market value. The major cryptocurrency continued the trend that began in October, driving greed in the market to levels not seen in the past two years.
He index Fear and greed (“Fear and Greed” in Spanish) was above 50 points for 30 consecutive days. That is, it is over half of the total value of the index, which ranges from 0 to 100. A low value indicates a feeling of extreme fear, while a high value indicates extreme greed. As of this writing, greed is at 73 points. He now averaged 66 points in the last week.
In November 2023, Bitcoin trading increased from $34,450 to $37,800 at the end of this note; The price increase was 9.7%.
This “green wave” has not existed since November 2021. At that time, Bitcoin reached no less than its previous all-time high, reaching $68,789 on November 10, as CriptoNoticias reported. “Extreme Greed” reached 84 points with this historic milestone.
On this occasion The day-long greed comes amid a bullish environment for the Bitcoin market, driven primarily by anticipation surrounding the approval of the first spot Bitcoin ETF (Exchange Traded Fund) in the United States. This event would lead to the entry of large institutional investors, motivating the market and increasing the demand – and therefore the price – of Bitcoin.
What is the fear and greed index for?
The index Fear and greed is a metric that attempts to measure the psychology of the cryptocurrency market, particularly as it relates to Bitcoin. It relies on various factors and data to assess investors’ overall sentiment toward the market at a given point in time, with the aim of providing an idea of whether the market is dominated by fear or greed.
Some of the indicators and metrics considered for the index Fear and greed These are Bitcoin market capitalization, trading volume, price volatility, social media sentiment, futures open interest, and other relevant variables.