Present Crypto Market Sentiment
The general sentiment, which is currently existing in the global crypto market, is phenomenally positive. The existing sentiment was the same which once dominated the market since 2019 until it ended in mid-November, 2022.
This period between 2019 till mid-November, 2021, was the best time the crypto industry had ever seen.
Today is also the same time wherein Bitcoin’s ‘Greed’ factor has comforted the opposite factor of ‘Fear’. This fact can be affirmed by having a look at the present state of ‘The Crypto Fear and Greed Index’.
As of today, this very Index has edged in extreme towards ‘Greed’. A bare glimpse of the index would suggest that the global crypto economy is destined to fetch promising gains for the longer term.
A Glimpse of ‘The Crypto Fear and Greed Index
A glimpse of the Index’s 20th March progress showed that it was tracking in Greed territory with an accumulative score of 68.
With this score, it could easily be drawn that the market was moving ahead firmly and was destined to fetch further gains.
A peek into Bitcoin-exclusive ‘Fear and Greed Index’, reveals that Bitcoin has been comfortably edged down at score 66 in ‘Greed’ territory.
The total score in this Index is 0 to 100 which is categorized into two factors namely ‘Fear’ and ‘Greed’.
The fear score is between 0 and 50 while the Greed score is determined between 51 to 100 scores.
Bitcoin was at its peak in November 2021. Within this month, Bitcoin achieved a milestone of setting up a record-breaking value exceeding $69,000 on 16th November 2021.
On that day, and a couple of days ago on 10th November 2021, Bitcoin’s Greed Index was indicating a score of 66. This is a very high number that indicates that the interest level of the investors is very high in accumulating Bitcoin.
It was the last time, when Bitcoin accumulated this score until now on 20th March 2023. This means that the investors are growing fond of Bitcoin and they won’t make the most out of the current bullish trend.
Crypto Market Is Bullish
According to the analysis of market experts, bulls have entered into crypto markets and they have been there for the past two weeks. They are not ready to leave the trend as they want to invest as much as they can into the asset.
Most experts believe that the rise of the crypto economy is because of the fall of the banking sector in the US. With the banks constantly losing their market worth, people are moving to alternative methods of storing their funds.
This is where cryptocurrencies have found their worth rising because investors are putting their trust in the assets.
This argument seems persistent with the existing scenario because a number of banking giants have collapsed quite recently.
For instance, Silvergate collapsed not more than two weeks ago and as of today, the bank has already been acquired by another bank.
Similarly, Silicon Valley Bank also has collapsed and is in fact the first bank to have fallen during the ongoing banking crisis.
Major banking sectors such as the UK, Japan, and Europe also have shown signs indicating the collapse of a few banks in their respective regions.
Considering this global banking crisis, experts have been acknowledging that the situation warrants an ‘overpowered bullish market’ for crypto.
Bitcoin Weekly Gains Affirm Experts’ Assumption of Bullish Market
What has been suggested by market experts is further evident from the weekly gains of Bitcoin. Over the course of the past 7 days, Bitcoin’s value has swelled by more than 27.8%.
Three days ago, Bitcoin was trading hands at $25,000 plus and now Bitcoin is trading at $28,137.
Markus Thielen, an analyst at Matrixport stated that the ‘market is not done away with Bitcoin and in fact, further gains are guaranteed for Bitcoin’.
While another community of experts is of the view that liquidity shall continue to play an instrumental role in Bitcoin’s progression.