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August had an average rating of “Fear” on the Crypto Fear and Greed Index hitting a yearly low of 17 on Aug. 6.
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The Crypto Fear and Greed Index has reached its highest point since July, spending two consecutive days above a score of 60.
The index’s Sept. 28 update showed a score of 64, placing it within the “Greed” territory as the Bitcoin (BTC) price briefly touched the $66,000 mark, according to CoinMarketCap.
The Crypto Fear and Greed Index was created to numerically present the current “emotions and sentiments” toward Bitcoin and the crypto market. The highest score is 100, and the lowest is 0.
The Index’s score of 64 as shown on Sept. 28. Source: alternative.me
August had an average rating of “Fear,” as the index score struggled to surpass 60 and hit its lowest score of 2024, with a 17 on Aug. 6, when the price of Bitcoin was around $53,000.
The last time the index recorded a score above 64 was on July 30, when the Bitcoin price was also around $66,000.
The Crypto Fear & Greed Index is calculated based on signals that impact traders’ and investors’ behavior, including Google Trends, surveys, market momentum, market dominance, social media and market volatility.
According to Crypto Fear & Greed Index data sources page, the index score is based off 25% of market volatility, 25% of market momentum and 15% of social media trends and other indicators.
Related: Bitcoin has ‘familiar bullish smell’ as BTC price hits $66K — Analyst
0x Research head of research Markus Thielen said in a Sept. 27 report he thinks there could be a Q4 crypto rally because Bitcoin’s return above the $65,000 price level could create fear of missing out, or FOMO in the market.
According to CoinMarketCap data, Bitcoin has recorded gains of around 11.18% over the past month, the highest since March.
Meanwhile, Charles Edwards, founder and CEO of investment firm Capriole, predicted significant inflows as traders leave gold and other stocks.
“The capital flows back into Bitcoin from gold and stocks over the next 6 months will be relentless,” Edwards said in a Sept. 27 X post.
Source: Charles Edwards
Asset management giant VanEck has ranked Bitcoin as the top performing asset this year, far outpacing traditional assets, with a 124% surge in the last 12 months.
However, the asset manager also noted a recent downturn has investors “spooked.”
Magazine: Worldcoin fined again! Crypto store clerk runs off with $500K cash: Asia Express
This article first appeared at Cointelegraph.com News
