Crypto investors become increasingly greedy as BTC prices up
Crypto investors are getting greedier, but doubts remain about whether Bitcoin can sustain its current momentum.
One general index of crypto greed and speculation shows that investor risk levels are now 62 – up 30% from a month ago.
The index’s annual high was 68. The number hit a record in the second half of March, a few days after the collapse of SVB.
A value above 50 indicates that the market is soft, and 100 indicates extreme greed, which is depicted as a sell indicator. Values below 50 and zero indicate fear, presumably buying power.
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 transitioning in April statistics.
The growing non-zero balance addresses of bitcoin
As Bitcoin’s non-zero balance addresses reach new heights, on-chain metrics reflect the need for caution.
More and more portals track fear and greed in the digital asset market, each with individual metrics. LookIntoBitcoin, for one, only tracks BTC sentiment. It conveys the same local trend, although greed has yet to return to the level it was at Terra’s peak 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 crawling and expensive.
Indeed, Chain-Key Bitcoin makes it possible to use BTC indirectly on the IC blockchain with the help of a token that wraps BTC called ckBTC, which for all intents and purposes, shows Bitcoin tokens on the IC blockchain.
IC is virtually infinitely scalable and provides flexible and fast transactions at a limited cost.
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