Crypto Fear & Greed Index Goes Extreme As BTC Hits $50k

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Joanna K

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Published Feb 13, 2024 at 1:23 PM
Last updated Feb 13, 2024 at 1:28 PM

The Crypto Fear & Greed Index has today (13 February 2024) reached a sharp rise of Extreme Greed (79) on the scale of investor sentiment, as the price of Bitcoin continues to trade around the $50k mark.
Crypto Fear & Greed Index

What is the Crypto Fear & Greed Index?

The index measures investors crypto appetite and ranges from 0 to 100. By sifting through factors such as Bitcoin dominance, volatility, volume, Google Trends and social media platforms, the index looks at the daily sentiment for the market-leading coin BTC and all of the other top cryptocurrencies in the game.

At the time of writing, the indicator is standing at 79 showing 'Extreme Greed'. This signals a current wave of bullish sentiment for investors and increased risk appetite in the crypto market.

Crypto Fear & Greed Index historical data
This current level of 79 is at its highest peak since November of 2021 when the price of Bitcoin soared to its current all-time high of $68.7k.

In a major shift in positivity for the crypto space, investors are having a flush day as the global market has recorded a 4.48% increase in the past 24 hours with it now standing at $1.87trillion.   

The boost in market confidence follows the recent approval of Spot Bitcoin exchange-traded funds (ETFs) that has led to significant capital inflows into the products along with renewed investor interest.

CoinShares BTC ETF weekly inflow data

According to data released yesterday by CoinShares, Spot Bitcoin ETFs recorded inflows of $1.1bn in the past week, the largest amount since the ETFs kicked off on 11 January.

Upcoming BTC block reward halving

Other market conditions favoring crypto at the moment include the much-anticipated Bitcoin block reward halving – which will mean in a 50% cut in block rewards for Bitcoin miners. Many analysts believe that this will be a bullish price catalyst for BTC in the long term. 

As of time of writing, the price of Bitcoin is trading at $49,890 – up 4.03% in the past day.

BTC daily chart. Source: CoinMarketCap
Meanwhile, 24-hour trading volume has risen by 94.73% to $39.4bn, according to the latest data from CoinMarketCap.