Crypto Enters Extreme Greed Territory: Correction Incoming?

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The Crypto Fear and Greed Index, a pivotal gauge of market sentiment, has soared to unprecedented levels since Bitcoin’s all-time high. Recent data reveals that on February 13, the index surged to 79, marking its highest point since mid-November 2021, when Bitcoin skyrocketed to $69,000.

The ongoing rally in Bitcoin, coupled with this latest surge of greed, follows the introduction of US-based spot Bitcoin exchange-traded funds (ETFs).

Industry Leaders Warn of Potential Dip Amidst Extreme Crypto Greed

This surge in greed follows closely on the heels of Bitcoin’s breach of the $50,000 mark on February 12. BTC has been on a robust rally for several months, boasting a 17% increase in value year-to-date.

Reaching a score of 79 indicates that the Crypto Fear and Greed Index has ventured into the territory of “extreme greed.” This recent spike mirrors a previous instance in January when the index hit 76, coinciding with the fervor surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.

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