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Bitcoin Surges Past $81K Pushing Crypto Greed Index to 7 Month High

2024-11-11 15:42:20

Crypto Fear and Greed Index, which reflects market sentiment for Bitcoin and other cryptocurrencies, reached its highest greed level in nearly seven months on Nov. 10 as Bitcoin surpassed $81,000.


Source: www.ekoturk.com


The index scored 78 out of 100 in the  Extreme Greed range, its peak since April 12, when Bitcoin was around $70,000, just ahead of the 2024 halving event. Bitcoin entered the Extreme Greed zone (75 100) on Oct. 31 and has stayed between 70 and 78 over the past week as Donald Trump won the U.S. presidential election.


Bitcoin rose 6.15% to hit a new all time high of $81,358 on Nov. 10, then eased back to $80,182 at the time of writing, according to market data. The index’s score has since adjusted slightly, now at 76 out of 100 as of Nov. 11.


Analysts in the industry expect Bitcoin may see more gains before Trump’s inauguration on Jan. 20, 2025. The index score is based on factors like market volatility (25%), trading volume (25%), social media sentiment (15%), Bitcoin’s dominance (10%), and trends (10%). Surveys (15%) were previously part of the calculation but are currently paused.



Bitcoin Begins Trending On Google

Bitcoin’s recent price surge appears to have sparked renewed interest among retail investors over the past week, with search interest for Bitcoin rising significantly. However, search volume remains well below the peak of the last bull run. Currently, Bitcoin search interest scores 48 out of 100 compared to late May 2021, when interest reached an all-time high, according to trends data. Bullish sentiment has been fueled by Trump’s victory and an increased presence of pro-crypto politicians in the U.S. Senate and House of Representatives for the 2025 2029 term.


Market participants could also see potential benefits from a more favorable approach by the Securities and Exchange Commission if Trump follows through on his pledge to replace Gary Gensler as SEC Chair. SEC Commissioner Mark Uyeda, who has criticized the agency’s enforcement led regulatory approach, is considered a likely successor, according to crypto attorney Jake Chervinsky.


MicroStrategy’s Bitcoin Holdings Surpass $20B as BTC Hits New High

Business intelligence firm MicroStrategy has seen its Bitcoin holdings surge past $20 billion as Bitcoin’s price crosses $80,000. The company now holds 252,200 BTC, valued at an average price of $81,368 each, yielding a total worth of $20.54 billion and marking a 104% profit on its Bitcoin acquisition strategy. MicroStrategy has purchased Bitcoin 42 times with a dollar-cost average of $39,292, as reported by “Saylor Tracker,” a platform named after the firm’s executive chairman, Michael Saylor. MicroStrategy stands as the largest corporate Bitcoin holder, followed by Marathon Digital and Riot Platforms, with $2.1 billion and $840 million in Bitcoin holdings, respectively. 


Bhutan has also entered the spotlight, expanding its large-scale Bitcoin mining operation and reportedly using Bitcoin as a strategic currency reserve. According to IMF data, Bhutan’s Bitcoin holdings now account for 32% of its GDP, valued at $3.15 billion as of October 2024. Meanwhile, El Salvador’s Bitcoin reserves of 5,930 BTC have grown to over $482 million in value, up 80%, and boasting nearly $214 million in unrealized profits.


Bitcoin's unprecedented rally past $81,000 has pushed market sentiment into Extreme Greed, marking a significant resurgence of interest and optimism in the cryptocurrency sector. With increasing institutional holdings, favorable political shifts in the U.S., and heightened retail engagement, Bitcoin’s momentum shows potential for continued gains. Market participants are now closely watching regulatory shifts, especially in light of Trump’s pro-crypto administration, as well as the upcoming Bitcoin halving, both of which could further shape the market landscape in 2025.


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