Crypto investors are getting greedy, but questions remain as to whether Bitcoin can maintain its current momentum.
A general index of crypto greed and speculation shows that investor risk levels now stand at 62, up 30% from a month ago.
The index’s annual high was 68. The number hit a record high in the second half of March, just days after SVB’s collapse.
A value above 50 indicates that the market is weak and 100 indicates extreme greed, which is represented as a sell indicator. Values below 50 and zero indicate fear, presumably purchasing power.
The metrics consider crypto market volume, volatility, token dominance, and current Google Search trends.
Analysts at crypto exchange Bitfinex shared a different view, warning that the market is in transition in April statistics.
Bitcoin’s growing non-zero balance addresses
As Bitcoin non-zero balance addresses reach new heights, on-chain metrics reflect the need for caution.
More and more portals are tracking fear and greed in the digital asset market, each with individual metrics. LookIntoBitcoin, for example, only tracks BTC sentiment. It conveys the same local trend, although greed has yet to return to the level it was at the peak of Terra last year.
The index recorded an all-time high from December 2020 to 2021, when BTC exploded from $18,000 to nearly $60,000.
The Bitcoin protocol does not contain complex smart contracts like Ethereum’s core contracts, and its blockchain is slow and expensive.
In fact, Chain-Key Bitcoin makes it possible to use BTC indirectly on the IC-blockchain with the help of a BTC-wrapping token called ckBTC, which for all intents and purposes, displays Bitcoin tokens on the IC-blockchain.
IC is virtually infinitely scalable and provides fast, flexible transactions at limited cost.
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