Amid Bitcoin’s latest rally to over $46,000, the general market sentiment of the crypto industry has moved into the “extreme greed” region.
Since the general market crash in mid-May, which saw Bitcoin plunge to $30,000, Bitcoin has gained over $16,000. As of press time, the flagship cryptocurrency was exchanging hands at more than $46,000. Consequently, the general market sentiment is extremely bullish, the first time in three months.
The Crypto Fear and Greed Index estimates the opinions about the digital asset based on different criteria such as surveys, volatility, volume, and social media comments. The crowd sentiment is graded on a 0 to 100 scale, with 0 being extreme fear and 100 depicting extreme greed.
After a season in the extreme fear zone, Bitcoin has bounced back impressively. According to the index, BTC went into a state of greed at above 50 before progressing into extreme greed at 76. This coincides with the latest surge in the price of Bitcoin which has seen it rise above $48,000 for the first time since mid-May.
Similarly, Ethereum’s fear and greed index is approaching extreme greed after the second-largest cryptocurrency doubled its value in less than a month.