Bitcoin’s ascent beyond the $51,000 mark has propelled the Crypto Fear and Greed Index (CFGI) into the “greed” territory, registering a notable 74 out of 100. Just a day earlier, the CFGI soared to an impressive peak of 79, denoting “extreme greed” and marking its highest point since 2021.
Crypto Fear and Greed Index Score Rises to the Highest Point Since November 2021
Over the last week, the value of bitcoin (BTC) has seen significant growth, climbing above the $51,000 mark. This surge comes on the heels of a slight decline below $49,000, triggered by the release of the U.S. Consumer Price Index summary. Currently, the Crypto Fear and Greed Index (CFGI), hosted on alternative.me, shows that as of Feb. 14, 2024, the market sentiment has shifted to “greed,” with a rating of 74. The CFGI assesses the mood of the market by examining factors such as volume, dominance, momentum, and social media trends.
On Tuesday, the rating escalated to a significant 79 out of 100, indicating “extreme greed.” This level of sentiment was last observed when BTC hit its all-time high of $69,000 on Nov. 10, 2021. In the preceding month, the CFGI maintained a “neutral” stance, but it has recently shifted to a “greed” state over the last week. Being in “greed” or “extreme greed” suggests that investors might be showing excessive confidence or greed, possibly pushing prices to levels that are not sustainable.
The CFGI hit the “extreme greed” mark earlier this year but not as high as 79, shortly before the introduction of spot bitcoin exchange-traded funds (ETFs). Following the launch of the ETFs, the CFGI fell to a score of 50, then gradually began to increase again. Notably, since December 2023, there have been no new entries on the Bitcoin Obituaries List on 99bitcoins.com. In fact, 2023 witnessed the fewest obituaries or declarations of BTC’s demise since 2012.
Source: Bitcoin
