Crypto greed index hits 7-month high as Bitcoin tops $81K
The Crypto Fear and Greed Index, which gauges market sentiment for Bitcoin (CRYPTO:BTC) and other cryptocurrencies, reached its highest "greed" level in nearly seven months as Bitcoin surged past $81,000.
On November 10, the index recorded a score of 78 out of 100, placing it in the “Extreme Greed” zone, the highest since April 12 when Bitcoin was near $70,000 ahead of the 2024 halving event.
Bitcoin rallied 6.15% on November 10, hitting a new all-time high of $81,358 before settling at $80,182, according to CoinGecko.
The surge in market sentiment has been driven by Republican Donald Trump’s recent victory in the U.S. presidential election and a larger presence of pro-crypto politicians in Congress for the 2025-2029 term.
The Crypto Fear and Greed Index, created by Alternative.me, calculates scores based on market volatility (25%), trading volume (25%), social media sentiment (15%), Bitcoin's dominance (10%), and trends (10%).
The index's “Extreme Greed” range (75-100) reflects a bullish outlook, signaling heightened investor optimism.
Bitcoin's recent rally has also sparked renewed retail interest, as Google Trends data shows a significant increase in searches for “Bitcoin.”
However, current search levels, scoring 48 out of 100, remain below the peak reached during the bull run of late May 2021.
Analysts suggest Bitcoin could see continued upward momentum before Trump's inauguration on January 20, 2025.
Market participants anticipate potential changes at the Securities and Exchange Commission (SEC), where Trump has pledged to remove current Chair Gary Gensler.
Crypto attorney Jake Chervinsky mentioned that SEC Commissioner Mark Uyeda, known for critiquing the SEC’s regulatory approach, may be a possible successor.
At the time of writing, the Bitcoin price was $81,603.47.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Elon Musk confirms X is preparing to launch a remittance feature in its X Payments service
Polkadot ecosystem tokens continue to rise, with KSM increasing by more than 90% in a single day
The total market value of stablecoins exceeded 190 billion US dollars, setting a new record high