Fear and Greed Index hits two-year high

The cryptocurrency Fear and Greed Index reached 72, the highest reading in the last two years.

Comparable readings were observed in November 2021, against the backdrop of Bitcoin’s all-time high near $69,000.

The rise in the metric comes as the cryptocurrency market recovers, buoyed by narratives about prospects for the launch of the first Bitcoin-based exchange-traded fund in the United States. Bitcoin’s market capitalization has reached $691 billion, according to CoinGecko.

Bitcoin’s dominance sits at 51%, roughly in line with April 2021 levels.

Since the start of the year the leading cryptocurrency has risen by about 113%. At the time of writing the asset was trading at around $35,400 (+2.9% over the last 24 hours).

Earlier, technical analyst Peter Brandt urged traders to brace for a volatile ‘whipsaw’.