Will Extreme Fear be relevant for BTC?
For the first time since July, the cryptocurrency market has been gripped by an entirely bearish sentiment. The Fear and Greed Index – which assesses sentiment around bitcoin and smaller altcoins – has dipped to extreme fear. According to Bitkroli, as recently as yesterday the values were at an extremely low 16/100 points. The average of the last week is 18/100. By comparison, positive sentiment dominated the last month among BTC investors – 74/100.
The cryptocurrency starts the new day with more pleasant news. During the day, BTC added 3% in price and is now aiming for $50,000. This added confidence to the market – Crypto Fear & Greed Index jumped to 27/100, changing the “extreme fear” to the usual “fear”, analysts say Bitkroli exchange.
It was with the fall of quotations below $50,000 that Bitkroli observers attribute the return of negativity to the markets. ETH added about 2% more. And the best result of the day in the top 10 is ADA: +9%.