Crypto Fear and Greed Index shows market sentiment remains fearful

After the Crypto Fear and Greed Index (CFGI) dropped to very low levels and indicated a “extreme fear“In the crypto markets at the end of May, and for most of June, today the CFGI index is still in the “fear“, but it did show improvement. On June 19, the CFGI index reached a low score of 6, meaning a “extreme fear“, two months later, the CFGI index now shows a score of 33 or “fear“.

The CFGI ranking score shows that the crypto winter continues to keep investor sentiment in the “fear” zone.

While the crypto economy has climbed back above the $1 trillion mark, prices have started to fall again after the last rally. Following the Terra blockchain implosion, the cryptoeconomy lost a lot of value and extreme fear shook the community in June as well. The Cryptocurrency Fear and Greed Index (CFGI) site hosted on alternative.me dropped sharply at that time, and on May 31, 2022, the CFGI ranking score was 16 out of 100, a “extreme fear“.

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Each day, the CFGI ranking score analyzes “emotions and feelings from different sources and synthesizes them into a single number“. Alternative.me indicates that the value of 0 means “Extreme fear“while a value of 100 represents “Extreme greed“.” The site adds:

The crypto-currency market is very emotional. People tend to get greedy when the market is up, which leads to FOMO (Fear of missing out). In addition, people often sell their coins in an irrational reaction. There are two simple assumptions: 1) Extreme fear may be a sign that investors are too worried. This can be a buying opportunity. 2) When investors get too greedy, it means the market is ready for a correction.

In mid-June, BTCGI’s ranking score dropped again and slipped to a low score of 6 out of 100 on June 19, 2022. Crypto-currency price data shows that BTC was trading at $20,553 per unit that day and the day before, on June 18, BTC hit a 2022 low of $17,593. Today, the CFGI ranking score has improved and the sentiment value has moved from the ” extreme fear “to the zone” fear ” with a score of 33 out of 100.

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Bitcoin managed to recoup some losses after market routs in May and June, and on August 14, 2022, the price capped at $25,212 per unit. That same day, the CFGI’s ranking score jumped to 47, showing that sentiment was turning around. However, over the past 48 hours, Bitcoin has seen a significant drop in value from $23,593 to today’s low of $21,268. The CFGI ranking has not been able to break above the “fear” and seems to be heading back to the range of scores of “extreme fear“.

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