Once again sentiment towards Bitcoin tends to be very scary with Bitcoin remaining below $50K
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Answer Once again sentiment towards Bitcoin tends to be very scary with Bitcoin remaining below $50K
Bitcoin staying below the $50K level made sentiments towards Bitcoin very frightening.
The Cryptocurrency Fear and Greed Index is a complex indicator that tracks volatility, crypto trading volume, social media discussions, market dominance and Google trends, as well as showing whether the public is optimistic or pessimistic about this or that asset.
A week of intense fear:
On December 6, 2021, the Bitcoin “Fear and Greed” indicator touched the 16/100 level for the first time in nearly five months.
Then, it rebounded a little, but it settled yesterday, Saturday, at this very low level, to rebound again at the time of writing this article to the level of 27 after it was at 16.Read:Ohio Senator: Banning cryptocurrencies may be on the table in the USA
As such, Bitcoin failed to leave the waters of “fear” for an entire week.
It only took 28 days for the index to fall from an eight-month high of 84/100.
In the short term, analysts are certain that the Bitcoin Fear and Greed Index has slipped to very low levels due to Bitcoin’s failure to stabilize above $50,000.
The last time the Bitcoin fear and greed index was so low was when the crypto king was trading at less than $30,000 in late July 2021, after the big drop in the second quarter of 2021.
Is ETH/BTC volatility inevitable?
The net worth of the cryptocurrency market fell below $2.25 trillion for the first time since October 15.
On November 9-10, the crypto market managed to stay above $3 trillion for two days, an unparalleled record.
Bitcoin dominance, a ratio between Bitcoin’s market capitalization and the rest of the cryptocurrency market, is inches close to a seven-month low.
Although it is also semi-stable, Ethereum does slightly better than Bitcoin.
The ETH/BTC ratio recorded a dramatic rise towards its highest level in 44 months.Read:The US Securities and Exchange Commission issues a guide on digital currencies and crypto
Typically, this combination of trends indicates altcoin season, a period when the major cryptocurrencies do much better than the orange-banner coin.
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