The Crypto Fear & Greed Index, which measures overall sentiment in the cryptocurrency market, returned to 28 and the «Fear» level on Saturday, breaking an 18-day streak of «Extreme Fear.»
The most successful month ever for cryptocurrencies failed to live up to market participants’ expectations.
On November 15, crypto analyst Matthew Hyland noted that the index had reached its «most extreme fear level» in the entire cycle.
Such a path for BTC dominance would be extremely painful now, Hyland said then.
Just a few days later, on November 23, cryptoanalyst Crypto Seth stated that “extreme fear is an understatement.”
In response, crypto trader Nicola Duke pointed out that every time the index reached an extremely low level, it meant a «local bottom» for Bitcoin.
Now that «extreme fear» has given way to simply «fear,» analysts are talking about an improvement in investor sentiment. However, not everything is so clear-cut. According to CoinMarketCap’s Altcoin Season Index, crypto market participants remain hesitant and risk-averse. The index is currently in the «Bitcoin season» zone, with a score of 22 out of 100. This score fluctuates between the «altcoin season» and «Bitcoin season» levels.