Originally published on: September 28, 2024
The Crypto Fear & Greed Index is on the rise, reaching the highest level since July with a score of 64. This jump into “Greed” territory comes as Bitcoin briefly touches the $66,000 mark, as reported by CoinMarketCap.
Designed to gauge the prevailing emotions and sentiments in the crypto market, the index scored 64 on Sept. 28. This marks a significant shift from the “Fear” that dominated much of August, with the lowest score of 17 recorded on Aug. 6 when Bitcoin was priced around $53,000.
The last time the index surpassed 64 was back on July 30 when Bitcoin hit $66,000. Analysts like Markus Thielens of 10x Research are predicting a potential fourth-quarter rally fueled by Bitcoin’s resurgence above $65,000, triggering FOMO among investors.
According to market data, Bitcoin has seen gains of approximately 11.18% in the past month, the highest since March. Investment firm Capriole’s founder Charles Edwards expects a significant shift of capital from gold and other stocks into Bitcoin over the next six months.
While Bitcoin has been ranked as the top-performing asset by VanEck, outshining traditional assets with a 124% surge in spot prices over the last year, recent market fluctuations have left some investors wary.
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