Originally published on: November 11, 2024
The Crypto Fear & Greed Index has surged to its highest level in seven months, hitting a score of 78 out of 100 in the “Extreme Greed” zone as Bitcoin soared past $81,000 on Nov. 10. This spike marks the highest level since April 12, coinciding with the approach of the 2024 halving of Bitcoin.
Amidst the market frenzy, Bitcoin has maintained its position in the “Extreme Greed” zone, fluctuating between 70 and 78 following the United States presidential election outcome. Despite a slight drop to $80,182, after reaching a new all-time high of $81,358, Bitcoin continues to command attention in the cryptocurrency space.
Experts project a bullish trajectory for Bitcoin leading up to the inauguration in 2025, fueled by recent events such as the presidential election outcome and the growing support for cryptocurrency-friendly politicians in the US Senate and House of Representatives.
The Crypto Fear & Greed Index is determined by factors like market volatility, trading volume, social media sentiment, Bitcoin’s dominance, and trends to generate an overall score. While search interest for Bitcoin has seen a notable uptick on Google, it has yet to reach the peak levels observed during previous bull runs.
With the potential for a more favorable regulatory environment under a new Securities and Exchange Commission leadership, market participants are optimistic about the prospects for cryptocurrency investments in the coming years. Stay informed on the latest market developments by subscribing to our Markets Outlook newsletter for critical insights and strategic trading tips delivered every Monday.
