Bitcoin market sentiment on the rise
The market sentiment for Bitcoin (BTC) has reached its highest point since the cryptocurrency's price hit an all-time high of $69,000 in November 2021, according to the Crypto Fear & Greed Index.
Greed ranking
The index, which measures market sentiment, is currently at 72 out of 100, indicating a "greed" ranking. This marks a six-point increase from October 24 and a 16-point jump from its previous "neutral" ranking of 50 on October 18.
Excitement over BlackRock's Bitcoin ETF
This surge in market sentiment follows growing excitement over the potential approval of BlackRock's spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission.
Bitcoin's rally and market indicators
On October 24, Bitcoin experienced its largest single-day rally in over a year, with a 14% daily gain and briefly surpassing the $35,000 mark. The Crypto Fear & Greed Index considers various market indicators, including volatility, market momentum and volume, social media, surveys, Bitcoin's dominance, and trends, to calculate the daily market sentiment score.
Previous highs and lows
The last time the index reached a score of 72 was on November 14, 2021, just four days after BTC's all-time high. In contrast, the index recorded its lowest-ever score of 7 on June 16, 2022, following the collapse of Do Kwon's Terra Money ecosystem.
Predictions for Bitcoin's price
As excitement builds for spot ETFs, crypto investment firm Galaxy Digital has predicted that Bitcoin's price could increase by more than 74% in the first year following a successful approval.
Additional reporting by Tom Mitchelhill.
