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’.