• Bitcoin Concern and Greed Index registered its highest rating this 12 months, with a studying of 68.
• This index excessive was final seen in November 2021, shortly after Bitcoin’s all-time excessive of over $69,000.
• Bitcoin hit a worth of $28,000, which it hasn’t seen since June 2022.

The multi-factor crypto market sentiment evaluation platform confirmed that the Bitcoin Concern and Greed Index hit its highest stage at 68 since November 2021, which is in step with BTC hitting the $28,000 mark for the primary time since June 2022.

As of March 21, the Bitcoin Concern and Greed Index recorded its highest rating this 12 months, with a studying of 68. In response to Coingecko, the index had not exceeded a rating of 66 since November 16, 2021, few time after Bitcoin hit its all-time excessive of over $69,000 on November 10, 2021.

The Crypto Concern and Greed Index goals to supply a numerical illustration of the prevailing feelings and sentiments surrounding main cryptocurrencies, particularly Bitcoin. The index ranges from 0 to 100, the place 0 means “Excessive Concern” and 100 represents “Excessive Greed”.

The Bitcoin market skilled a quick interval of concern from March 9 to 12, because the concern and greed index fell into the Amber zone, reaching an index as little as 33. Nevertheless, simply two days after the disaster , the index signaled an increase within the meter unfold to 56 and remained within the Greed class.

Over the previous week, Bitcoin has seen a rise of virtually 30%, in line with knowledge from Coingecko. It additionally reached a worth of $28,000, which it has not seen since June 2022. For the previous three days, the worth of BTC has been transferring between $27,120 and $28,500.

The Bitcoin Concern and Greed Index platform shared its market evaluation on Twitter and, in response, one person commented, “FOMO time.”

Bitcoin’s present “Greed” zone is stunning given the predominantly “Concern” or “Excessive Concern” traits of the previous 12 months, brought on by trade meltdowns and scandals such because the Terra crash, the chapter of Celsius and the disappearance of FTX. Nonetheless, final 12 months’s decline in digital asset costs may have been a very good shopping for alternative, however the present sentiment of “greed” may result in a correction.