The crypto sector greed index rose to a 7-month high, while the price of Bitcoin already It’s over $82,000.
A Bitcoin
BTC Price
on November 10, it gained more than 6% and reached another all-time high of $81,000, but the rise did not stop there. The price of BTC has now broken through 82 thousand dollars.
The mood in the crypto market is very positive
Crypto Fear & Greed, which measures market sentiment towards Bitcoin and other cryptocurrencies, on November 10 achieved level of greed. The indicator is at its highest level in nearly seven months.
The index reached 78 points out of 100 – that is, it is already in the zone of extreme greed. This is the highest level since April 12. In April, Bitcoin was hovering around $70,000 and we were still ahead of the 2024 halving event.
Bitcoin reached the zone of extreme greed on October 31, when the index value is in the range of 75-100. Last week, the index hovered between 70 and 78 when Republican Donald Trump won the US presidential election.
Industry Analysts Expect Bitcoin To Go Much Higher Trump Jan 20, 2025 before its inauguration.
The Fear and Greed Index scores based on market volatility (25%), trading volume (25%), social media sentiment (15%), Bitcoin dominance (10%) and market trends (10%). It is an indicator that measures the general mood of the cryptocurrency market. Previously, it also took market surveys into account, but this factor is not currently included in the index.
Bitcoin is also starting to gain traction on Google
Meanwhile, Bitcoin’s recent rally seems to have woken up several retail investors over the past week. In Google increased significantly interest in Bitcoin. However, this is still far from the recent bull market. Bitcoin’s current search interest is 48 out of 100. This is still at a low level compared to the 100 points measured at the end of May 2021. According to Google Trends, searches reached an all-time high in May 2021.
The optimistic mood of the market is clearly due to the fact that Trump’s victory and the greater representation of pro-crypto politicians in the United States Senate and House of Representatives may create a new opportunity for the cryptocurrency market in the 2025-2029 cycle.
Market participants could benefit from a potentially more accommodating Securities and Exchange Commission if Trump delivers his promiseto remove Gary Gensler as SEC chairman. According to crypto attorney Jake Chervinsky, SEC Commissioner Mark Uyeda, who has been critical of the SEC’s enforcement system, could be the next candidate to replace Gensler.
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