Bitcoin’s Rise in the First Month of 2023 Takes the Crypto Fear Index From ‘Extreme Fear’ to ‘Greed’
Records present the data that bitcoin has seen a significant growth in the first month of the new 2023 with an increase of 39 percent against the dollar and this increase in its value has been recorded. It managed to reach a 30-day high of $23954 per unit in the last 24 hours on 29 January 2023, from which the price had moved to a low of $22988. This growth has either raised or increased the Cryptocurrency Fear and Greed Index hosted on Alternative.me in absolute terms and moved from the “high fear zone” to the “greed” category during the month. Last week, the CFGI record showed a score of around 50 which according to the site is stable. Additionally after 7 days this score had increased to 61 which means definitely greed i.e. this speaker is good. The website states that when crypto investors become too greedy, it signals that a market correction is about to take place.
The score reached its fixed value of 50 on 23 January 2023 after spending time below 45 before 14 January. Bitcoin price saw weakness against the US Dollar on Monday and of course traders took profits as Simon Peters, market analyst at etoro, noted that the Federal Reserve is expected to cap further losses in the cryptocurrency. The change in investor expectation about inflation and interest rate hikes from the Reserve Bank was attributed. Peters also notes that the financial institution Goldman Sachs “published a nice note on bitcoin” citing a market performance paper stating that bitcoin outperforms all other commercial and emerging sectors such as gold and real estate. performing among the leading asset classes. Bitcoin has performed exceptionally well in 2023, gaining 43% on the etoro platform since January 1, reaching its lowest point of the year – $15,523 – on November 9, and It is just over 50 percent. Inflation and interest rate expectations are now changing and most asset classes have reversed or halted the decline seen in 2022 as investors look for 2022 rates, said the etoro market analyst. Let’s start thinking about our portfolio beyond the growth crash.