Bitcoin Market is Currently in Extreme Greed as F&G Index Clicks 83

Compared to the past weeks, the leading cryptocurrency Bitcoin (BTC) is losing price momentum after many failed attempts to break above the US$20,000 level. The cryptocurrency has been fluctuating since this week, which resulted in a US$1,000 drop sometime on Wednesday. 

Although, many industry experts the volatility in the crypto market to be over soon, the fear and greed index developed by Alternative.me suggests that the Bitcoin market might even face more correction. 

Bitcoin Investors are in Extreme Greed

At the time of writing, the Bitcoin fear and greed index clicked 86, while a higher score of 95 was recorded on Tuesday. Although the record today is lower compared to the previous data, it still indicates an extreme level of greed amongst Bitcoin investors in the current market conduction. For the past week and 30 days, the index reached a score of 92 and 90, respectively. 

On that note, ICO analytics tweeted that November was the biggest month that got many Bitcoin investors in extreme greed. This is evident given that the cryptocurrency made an exponential kind of growth in November. Bitcoin briefly crossed its previous all-time high (ATH) at $19,900 in the past month. Since that move, however, the cryptocurrency began correcting dropped below US$19,000 to the current price of US$18,311 on Coinmarketcap.

What 86 Fear & Greed Index Mean

With a zero score on the index, the Bitcoin market is supposedly in extreme fear, while a score of 100 means extreme greed. As the index currently clicks at 86, Alternative.me explained that Bitcoin investors are still very greedy; hence, the cryptocurrency might continue to face some correction in price. On the other hand, fear in the market could mean a buying opportunity for investors.