Following a downturn in Bitcoin (BTC) and altcoins, the market sentiment has begun to shift. The Crypto Fear and Greed Index, which scores investor sentiment, has moved from “greed” to a “neutral” zone after staying in the greed section for three months.
The index, presented by Alternative.me, currently stands at a neutral score of 52 on a scale from 0 to 100. Low scores indicate “extreme fear,” while scores near 100 signify “extreme greed.”
The indicator remained in the “greed” category since October 24, 2023, and reached a peak of 76 points on January 9, 2024, amid expectations for the SEC’s approval of spot Bitcoin exchange-traded funds (ETFs). The index considers various factors, including volatility, market volume, social media, dominance, and trends.
Currently, Bitcoin is trading at $42,735 after a 0.27% decrease over the last 24 hours, with a 2.21% decline over the past week and a 0.41% increase over the last 30 days. Ethereum (ETH), the leading altcoin, has also seen a 1.50% drop in the last 24 hours, trading at $2,514.
The day’s top gaining altcoin is Sui (SUI), up 12.94% to $1.41, while the biggest loser is Optimism (OP), down 6.71%. The total market cap has fallen to $1.68 trillion, a 0.33% decrease in the last 24 hours, while the overall market volume has increased by 6.41% to $51.81 billion.