by Alternative.me bitcoin The Fear and Greed Index is used to measure investor sentiment. The metric reduces five different factors to a single number from 0-100. Scores close to 0 indicate extreme fear, indicating that investors may be overly cautious. In contrast, numbers approaching 100 indicate extreme greed.
Recently, the index has settled into neutral territory. However, it points to an uncertain market where neither the bulls nor the bears have the upper hand. This shift could be a hint that the price of BTC will continue in its current range for now.
BTC has been trapped in a narrow trading band for six weeks. Currently under $30,000 cryptocurrencyIt seems that it will not be able to get rid of the $30,000 to $31,000 limit for a long time. The behavior associated with it is a reflection of the neutral sentiment echoed in the Fear and Greed Index.
LINK Rising
With most of the crypto market moving sluggishly, there is one rare outlier that shines brightly in the middle of the gray – LINK. The native currency of the Chainlink software platform that connects blockchains to external data. LINK, has experienced a notable increase of over 20%. However, it traded above $8. This increase comes after Chainlink announced its interoperability protocol. Whales, on the other hand, snatched more than $6 million in tokens.
Meanwhile, other major cryptocurrencies such as Ethereum and XRP were not so lucky. The former barely made gains while the latter lost some of their recent rise.