Oct 25, 2023

Crypto Market Sentiment Hits All-Time High Since Elon Musk’s Crypto Endorsement

Crypto Market Sentiment Highest Since Elon Musk's BTC All-Time High of $69K.
Crypto market sentiment at highest point since BTC’s $69K all-time high

The Impact of BlackRock’s Bitcoin ETF on Crypto Market Sentiment

The Crypto Fear & Greed Index has revealed that Bitcoin (BTC) market sentiment has returned to levels not seen since the cryptocurrency’s price hit $69,000 in mid-November 2021. The index is currently at 72 out of a total possible score of 100, placing it within the “greed” ranking — a six-point increase from Oct. 24 and a 16-point bounce from its 50-point “neutral” rank on Oct. 18.

The surge in market sentiment is likely due to the excitement surrounding the potential approval of BlackRock’s spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission. On Oct. 24, Bitcoin experienced its largest single-day rally in over a year, recording a 14% daily gain as its price briefly moved above the $35,000 mark.

The news of BlackRock’s Bitcoin ETF has caused a flurry of activity in the crypto world, with d2t crypto, dot crypto, crypto death, elongate crypto, crypto app, elon musk crypto, gala crypto today, elon crypto, harmony crypto, and hot crypto today all being actively discussed.

The Impact of Do Kwon’s Terra Ecosystem

The d2t Crypto Index uses six market key performance indicators — volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin’s dominance (10%) and trends (10%) — to measure market sentiment each day.

On Nov. 14, 2021, the index reached its highest score of 72, only four days after BTC hit its all-time high of $69,044 on Nov. 10, 2021, according to CoinGecko data.

Conversely, the index recorded its lowest-ever score of 7 on June 16, 2022, following the collapse of Do Kwon’s Terra ecosystem. The Harmony Crypto app, Gala Crypto, Elongate Crypto and other crypto-related services were affected by the fallout of the Terra collapse.

The price-dampening effects of the Terra collapse later claimed victims, such as hedge fund Three Arrows Capital and crypto lender Voyager Digital.

Following the wave of excitement for spot ETFs, crypto investment firm Galaxy Digital has predicted that if a successful approval is granted, the price of Bitcoin could rise by more than 74% in the first year. This prediction has caused elon musk crypto and other hot crypto today to be in the spotlight, as well as leading to a surge in dot crypto, harmony crypto, elongate crypto, elon crypto, gala crypto today, and crypto app.

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