von • Bitcoin has crossed $31,000 for the first time in almost a year.
• This recovery comes at a time when investor sentiment has recovered drastically and money is pouring back into the industry.
• According to the Fear & Greed Index, Bitcoin investors are still very greedy.
Bitcoin Surpasses $31K For The First Time In 10 Months
Bitcoin has finally crossed $31,000 for the first time in almost one year. This milestone comes at a time when investor sentiment has recovered significantly and money is pouring into the crypto industry once more.
Crypto Investors Still Very Greedy
According to the Fear & Greed Index – an index that measures investor sentiment in the market using various metrics – Bitcoin investors are still very greedy. The scale which goes from 0-100 currently sits at 68, which translates to greed in the market. At times like these, rallies are more inclined to continue given that investors flock to the market to take advantage of the growing prices.
The Last Month Of Gains
Just this week alone, Bitcoin has gone from trading around the $27,000 level to moving above $30,000 which solidified the rally for the digital asset. It also translates to an over 10% increase in the last week as well, pushing its market cap toward $600 billion. Furthermore, BTC has now risen around 100% in 2023 alone after starting out at only $16,000 at the beginning of this year.
Historical Perspective Of F&G Index
Looking at historical chart of Fear & Greed Index shows that it continues until it reaches Extreme Greed level before any kind of correction happens with prices going up as investors become greedier and flock towards taking advantage of growing prices.
Conclusion
It appears like BTC is set for further price gains as long as investor sentiment remains bullish and capital continues pouring into this space with no signs of slowing down anytime soon
