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Should You Buy Bitcoin Now?
Over the last week, Bitcoin surpassed the psychological $50,000 mark and continues to hold strong pushing higher highs, currently sitting at $52,100.
Many people are wondering if now is a good time to buy Bitcoin and I would like to share with you a simple method to determine the best time to buy Bitcoin.
An often undervalued indicator, the Crypto Fear and Greed Index offers cryptocurrency investors a fast and easy method to identify the current market sentiment and (I have found it to be) very helpful in determining the best time to buy (or sell) Bitcoin when using it as a contrarian indicator.
The Crypto Fear & Greed Index
The Crypto Fear and Greed Index is a free online indicator that measures the cryptocurrency market sentiment and in my opinion, an excellent contrarian indicator for determining the best time to buy (or sell) Bitcoin.
This easy-to-understand indicator helps crypto investors gauge the current mood of the market, which oscillates between two extreme sentiments: fear and greed.
The index analyzes emotions and sentiments from various sources and compiles them into a single, easy-to-understand figure ranging from 0 to 100. A low score indicates "fear," suggesting that investors are worried, which might be a buying opportunity if the market is being overly pessimistic. Conversely, a high score signifies "greed," indicating that the market might be due for a correction as investors are getting too optimistic.
The simplicity of the indicator shouldn't be underestimated. It uses multiple data sources for its calculation, including volatility (25%), market momentum/volume (25%), social media (15%), surveys (15%), dominance (10%), and trends (10%) which are used to determine whether investors are too bullish or bearish at any given point in time.
The Rationale
The rationale behind the index is based on the belief that excessive fear can result in Bitcoin trading well below its intrinsic values, while excessive greed can lead to Bitcoin being bid up far above what it is worth. Where Bitcoin goes, the rest of the market tends to follow making it also a good general indicator for the cryptocurrency market as a whole.
When it comes to determining whether to buy or sell Bitcoin, this index can serve as a contrarian indicator, suggesting when it might be a good time to buy or sell based on the overall sentiment of the market rather than fundamental or technical indicators alone.
If you are wondering how high will Bitcoin go? Well, we just released our Bitcoin price predictions for 2024, 2025 to 2030.
Anna Petrov
Join Us - As We Accumulate
The price of Bitcoin just passed $50,000 and while this may sound like a lot of money for a single Bitcoin, we believe this is just the beginning of what will become one of the biggest growth opportunities we have seen in the crypto space for at least the last four years.
If you haven't already started diversifying your portfolio with crypto, it's still not too late. Now is still an excellent time to get into the market while prices are still 'relatively' low.
If you want to know what we are buying, you are more than welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run - Become a member to gain access.
Richard.
Top 100 Trending Altcoins
Continuation of the prior week's trend - Lots of green in the market again this week.
Today's Crypto Fear & Greed Index
Today's Crypto Fear and Greed Index = Greed –> Decreased to 72 (from 74 last week).
Bitcoin & Ethereum Price Movement
Bitcoin increased 7.3% in the last week, currently trading at $51,868. In the previous 90 days, Bitcoin has increased by 37.5%.
Ethereum increased 13.2% in the last week, currently trading at $2,841. In the previous 90 days, Ethereum has increased by 38.3%.
Global cryptocurrency market capitalization has increased to $1.96T (from $1.78T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Worldcoin (WLD) +141.3% - Ranked #93
Worldcoin (WLD) is a unique cryptocurrency initiative aimed at creating a global identity and financial network. The project introduces a novel concept called "World ID," a privacy-preserving global identity network, to provide proof of personhood online while maintaining user privacy. This is facilitated through an innovative biometric verification system using a device known as the "Orb," which scans individuals' eyeballs to authenticate their uniqueness and humanity.
Co-founded by notable figures including Sam Altman of OpenAI, Worldcoin has garnered significant backing, raising over $250 million from prestigious investors. The project's mission is to distribute the WLD token widely, potentially making it the most distributed digital currency. The WLD token itself is designed to have utility and governance properties, allowing users to participate in the protocol's future direction.
However, the project has not been without controversy, particularly regarding privacy concerns associated with its biometric data collection practices. Regulatory bodies in Europe have raised questions about the legality and compliance of these practices with data protection laws.
Bitget Token (BGB) +53.9% - Ranked #56
The Bitget Token (BGB) is the native utility token for Bitget, a prominent centralized cryptocurrency exchange known for its derivatives trading platform. Introduced in 2018 and headquartered in the Seychelles, Bitget has expanded rapidly, amassing over 8 million users globally. BGB, launched in July 2021 as a replacement for the Bitget Defi Token (BFT), serves multiple functions within the Bitget ecosystem, including staking, social trading, and fee discounts.
Siacoin (SC) +52.8% - Ranked #94
Siacoin (SC) is a cryptocurrency that powers the Sia platform, a blockchain-based solution for decentralized cloud storage. It aims to provide a secure, efficient, and low-cost alternative to traditional cloud storage services by allowing users to rent out their unused hard drive space or to utilize others' space for storage. The Sia platform uses smart contracts to facilitate these storage transactions, ensuring a secure and enforceable agreement between renters and hosts. Data stored on the Sia network is encrypted and split into segments, then distributed across the network, ensuring privacy and eliminating single points of failure.
VeChain (VET) +49.7% - Ranked #32
VeChain (VET) is a blockchain platform launched in 2015 by Sunny Lu to improve supply chain management and business processes. It employs distributed ledger technology to enhance transparency and efficiency across supply chains by using smart tags and sensors to monitor and record product data in real-time. Operating on its own VeChainThor blockchain, VeChain supports smart contracts, and dApps, and uses a dual-token system (VET and VTHO) within a proof-of-authority governance model. The platform has significant partnerships across industries, showcasing its real-world applications, especially in supply chain transparency and authenticity verification. VeChain also expands into the NFT space with VeSea and offers the VeUSD stablecoin to facilitate stable transactions within its ecosystem
Biggest Micro-Cap Gainers in the last 30 days
We review and analyze small and micro market cap cryptos weekly, looking for the next low-cap gem. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days)
- GAU +1,963% - Challenge & Earn Web3 Gaming (Micro-Cap)
- BCOIN +1,370% - NFT Gaming Platform (Nano-Cap)
- TGC +542% - Crypto Casino (Pre-Sale) (Micro-Cap)
- METAL + 296% - Multi-Player Shooter Game (Nano-Cap)
Monthly Altcoin Pick
Two weeks ago we released the Altcoin Pick for February and it is continuing to perform well. With a market capitalization of under $40 million, this project still has much growth potential, so don't miss this one.
If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a few cups of coffee a month.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks, this is our methodology.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
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