- The leading crypto, Bitcoin, has surpassed $16,000, reaching the level last since 2018.
- However, a Bitcoin fear and greed index shows the current market is extremely greedy.
There is a growing level of excitement amongst the many Bitcoin (BTC) supporters, as the leading cryptocurrency keeps posting an exponential kind of increase in price since the past month. The cryptocurrency made another record yesterday, breaking through the $15,000 level. Probably, many people who pulled out from the trend are in regret as the cryptocurrency kept making new yearly highs.
Meanwhile, as Bitcoins keeps enjoying the bullish side, the crypto’s fear and greed now point to an extremely greedy market, which suggests that there “might be” an incoming sell-off. However, it remains unknown how the Bitcoin fear and greed index can turn out, as the demand for the cryptocurrency is still growing, especially from institutional investors.
The Sweet Sixteen Bitcoin
The leading cryptocurrency reached $16,000 on Thursday, a price level that was last seen in 2018. On that milestone, Bitcoin surged further to make another yearly high at over $16,300. This current year’s high marks the 12th time the cryptocurrency would trade above that level since its history. Currently, on Coinmarketcap, Bitcoin is trading at $16,256, with a market capitalization of over $300 billion.
It’s agreeable to note the current bullish rally in Bitcoin is coming naturally, as there were no hype or searches for the cryptocurrency compared to the 2017-2018 period when a showed such great momentum. Many people and industry experts related the upticks to the current demand for the cryptocurrency, especially by the institution. Many institutional-grade Bitcoin products and investment platforms like Grayscale experienced more activities during these times.
Bitcoin fear and greed index
The Bitcoin fear and greed index currently clock 89, meaning that the Bitcoin market has turned extreme greed. Such an index is always not encouraging as it suggests there may be an incoming drop in the crypto’s price, probably due to increased sell-offs.