The cryptocurrency Fear and Greed Index reached a level of 68, which is the highest reading in nearly a year and a half.
Similar readings were observed as far back as mid-November 2021, against the backdrop of Bitcoin reaching an all-time high at the $69,000 mark. After that, the indicator largely signalled worsening market sentiment and the predominance of “fear” among market participants.
The rise in the readings comes as the crypto market recovers. The total market capitalization reached $1.2 trillion, according to CoinGecko.
Over the last 30 days, digital gold has risen by more than 13%. At the time of writing, Bitcoin is trading at around $27,800.
Earlier, analyst Michael van de Poppe forecasted a drop in the price of the leading cryptocurrency to $25,000 if the asset does not stay above $27,000.