Fear & Greed Index Hits Peak Since November 2021

The prevailing sentiment in the crypto market is one of greed, a trend that has been apparent since Bitcoin hit $69,000 nearly 16 months ago.

Fear & Greed Index Peaks Since November 2021 – Image: CNBC

The Bitcoin Fear & Greed Index has reached its highest level this year, according to data from alternative.me. This is a significant positive signal for the crypto community, marking a peak not seen since Bitcoin surpassed $69,000 in November 2021.

Fear & Greed Index from March 2022 to Present. Source: alternative.me

The Fear & Greed Index originally developed by CNN Business for the stock market was later adapted by Alternative.me for the crypto sector. This index measures market sentiment on a scale from 0 to 100, where 0 represents extreme fear, 100 indicates extreme greed, and 50 reflects a neutral market.

As of the latest update on March 21, the Fear & Greed Index is firmly in the “greed” zone, setting a temporary all-time high (ATH) at 68. The last time the index reached a score of 66 was on November 16, 2021. This suggests a bullish trend in the market, with investors eager to buy in, and a prevailing sentiment of greed and FOMO (Fear of Missing Out).

Fear & Greed Index for the Crypto Market on March 21. Source: Alternative.me

As reported by Coin68, Bitcoin surged back above $28,000 for the first time since early June 2022 on the evening of March 19, peaking at $28,390. The leading cryptocurrency ended the past trading week with a remarkable 27.17% increase. This bullish momentum for BTC is driven by macroeconomic uncertainties facing both the U.S. financial market and the global economy.

Read More: Bitcoin Surpasses $28,000 Amid Banking Crisis, Big Players' BTC Portfolios Approaching “Safe Harbor”