To capture the overall sense and sentiments of the market, an index has been created known as the Crypto Greed and Fear Index that takes into account different things such as Volume, Momentum Social Media, and others to rate it out of 100.
The past few months have shown a huge shift in the sentiments of the market continuously. We have seen the people become extremely greedy whenever the price of BTC would go above the value of $40k and the fear would instilled in the heart of people whenever the price would drop below this level. This week, the price went down to the level of $39k and now is above $40k. During these turmoil times. The Crypto Greed and Fear Index Vary very fast.
As per a record current greed lies at around 25/100 today. This shows that the people are extremely fearful. As said earlier whenever BTC drops down to the value of $40k or less, the fear index grows too much. Last week, the index was at neutral and it was at 48 but this time it has dropped really hard.
At the time, different buying opportunities are present with new developments happening more and more which gives us an idea that even during these tough times, people are still hopeful for their respective projects and think that whatever they are holding are blue chips.