• The Fear and Greed Index – a metric that shows the overall sentiment toward bitcoin – currently points at 66, the highest level since November 2021.
• One factor behind the investors’ predominantly bullish perspective could be the impressive price performance of the primary cryptocurrency, which has been up nearly 30% for the past week.
• Bitcoin recently tapped $28,500, increasing its price by almost 30% in one week.
Bitcoin Fear and Greed Index Reaches 16-Month High
The Bitcoin Fear and Greed Index has soared to 66 – a level unseen since mid-November 2021 as Bitcoin surpasses $28K. This index tracks numerous segments such as price volatility, social media comments, and surveys to determine investor sentiment towards BTC.
Investors Showing Predominantly Bullish Perspective
Most cryptocurrencies have shown remarkable resilience to global economic issues surging to levels unseen in several months. This surge in prices is one factor that has contributed to investors’ bullish perspective on Bitcoin.
Fear & Greed Index Details
The popular Bitcoin Fear & Greed Index currently sits in “Greed” territory with an index value of 66. Some crypto proponents believe this is an indication that the bear market has finally loosened its grip and that asset class could continue its impressive performance moving forward.
Impact of Price Performance on Investor Sentiment
As mentioned earlier, bitcoin recently tapped $28,500 increasing its price by almost 30% in one week which is likely having a positive effect on investor sentiment according to this index. This suggests that investors are feeling more secure about investing in bitcoin compared to other assets right now due to its recent strong performance.
Conclusion
It appears that investors’ fear towards bitcoin has decreased significantly over the past few months due to its impressive price performance as indicated by this index reaching 16-month highs. Thus far it appears that investors are feeling confident about investing more into this digital asset going forward despite current global economic issues impacting traditional markets negatively