Bitcoin
$62,947.86+6.26%
Ethereum
$3,113.49+3.99%
Binance Coin
$588.06+4.44%
Solana
$143.46+3.42%
XRP
$0.53257826+2.51%
Dogecoin
$0.14554648+9.54%
Toncoin
$5.77+11.01%
Cardano
$0.46835859+2.46%
Shiba Inu
$0.00002442+5.74%
Avalanche
$35.62+5.58%
Tron
$0.12358914+0.70%
Polkadot
$7.29-1.21%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to ConsensusThe largest and longest running event that covers all sides of crypto and Web3
25
DAYS
13
HR
15
MIN
18
SEC
Markets

Crypto Fear & Greed Index Hits Highest Since November 2021

The index, coupled with an overbought reading on the RSI indicator, suggests bitcoin's bull run might take a breather.

By Omkar Godbole
AccessTimeIconOct 25, 2023 at 10:45 a.m. UTC
Updated Oct 25, 2023 at 4:10 p.m. UTC
VolumeMuteUnmute
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A key gauge of investor sentiment suggests the crypto market may take a bull breather.

The Crypto Fear & Greed Index has jumped to 70.6, the highest since November 2021, according to data source alternative.me. The index, which ranges from 0 to 100, uses several metrics, including market momentum, volatility, volume and social media, to analyze and measure market sentiment for bitcoin and prominent alternative cryptocurrencies.

Values between 50 and 74 signal "greed," while readings above 75 indicate "extreme greed." The higher the score, the more confident investors feel about bitcoin's prospects.

Savvy traders prefer buying when the index signals extreme fear, and become cautious when it signals investor greed. As legendary investor Warren Buffett once said: "It's wise for investors to be fearful when others are greedy and to be greedy only when others are fearful."

In other words, bitcoin (BTC) could see a pause in the bullish run that has seen it gain 28% in less than two weeks.

The index has jumped to 72, the highest since late 2021. (alternative.me)
The index has jumped to 72, the highest since late 2021. (alternative.me) (alternative.me)

The leading cryptocurrency's relative strength index also suggests the same. The RSI shows an above-70, or overbought, reading. Overbought readings on the RSI often presage bull market breathers.

Bitcoin, the leading cryptocurrency by market value, touched a 17-month high above $35,000 earlier this week, predominantly on the back of spot ETF speculation. The total market capitalization of all cryptocurrencies has surged to $1.26 trillion from $1.01 trillion two weeks ago.

The above-70 RSI shows overbought conditions. (TradingView/CoinDesk)
The above-70 RSI shows overbought conditions. (TradingView/CoinDesk) (TradingView/CoinDesk)

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Follow @godbole17 on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.