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Bitcoin

Bitcoin Taps $31,000 For The First Time Since 2022 As Investors Turn Greedy

Best Owie
by Best Owie
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After what can be described as a phenomenal week for the crypto market, Bitcoin has finally crossed $31,000 for the first time in almost one year. This comes at a time when investor sentiment has recovered drastically and money is pouring into the industry once more.

Bitcoin Clears $31,000 For The First Time In 10 Months

In the early hours of Friday, the price of Bitcoin crossed $31,000. The last time that the digital asset sat at this price was back in June 2022, a couple of months before the FTX implosion. The months preceding this recovery have been wrought with uncertainty but the outcome has left a bullish aftertaste in the mouth of investors.

Related Reading: Here Are The DeFi Tokens That Are Outperforming The Market

Just this week alone, Bitcoin has gone from trading around the $27,000 level to moving above $30,000 which solidified the rally for the digital asset. It also translates to an over 10% increase in the last week as well,  pushing the asset’s market cap toward $600 billion.

Bitcoin price chart from TradingView.com

BTC rallies to new 10-month high | Source: BTCUSD on TradingView.com

Furthermore, BTC has now risen around 100% in 2023 alone after starting out the year at the $16,000 level. As BTC is trading well above its year-to-date low of $23,721, the present bullish momentum is more likely to continue, although a small correction is not out of the question given its growth rate over the last couple of days.

Crypto Investors Still Very Greedy

As Bitcoin continues to recover, crypto investors are getting even greedier. According to the Fear & Greed Index – an index that measures investor sentiment in the market using various metrics – Bitcoin investors are still very greedy.

The scale which goes from 0-100 currently sits at 68, which translates to greed in the market. At times like these, rallies are more inclined to continue given that investors flock to the market to take advantage of the growing prices.

Bitcoin fear & greed index

Investors remain very greedy | Source: alternative.me

This was the case in the last bull market that lasted from 2020-2021 where prices kept going up the greedier investors became. Looking at the historical chart of the Fear & Greed Index, it shows a continuation until the index reaches the Extreme Greed level, at which point the market peaks and prices begin to fall.

Related Reading: Over 80,000 ETH To Be Released Daily As Ethereum Pending Withdrawals Cross $1.6 Billion

If this historical trend is anything to go by, then the index still has a long way to go, and that means that prices will likely continue to rally from here. However, there is always the possibility of a crash like what was experienced in March 2022 when the index recovered to a score of 60 before tumbling back down and taking the market with it.

For now, BTC is still maintaining its value above the $30,500 support. It saw a 17% increase in its trading volume in the last 24 hours, bringing it $21.7 billion.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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