 ▲ Alternative’s Bitcoin Fear and Greed Index © Coin Leaders |
Bitcoin (BTC), the world's first and largest cryptocurrency, is recording a monthly increase of about 9% as of the 21st (Korean time). The seasonal formula ‘November is a bull market’ seems to be coming true.
According to data from CoinMarketCap, a global cryptocurrency market relay site, Bitcoin, the leading cryptocurrency, is trading at $37,488 as of 9:37 a.m. on November 21, Korean time, up 0.68% from 24 hours ago. This is a 2.88% increase in price from a week ago.
Investment sentiment is also strong. Cryptocurrency data provider Alternative's self-estimated 'Fear and Greed Index' recorded 71, up 2 points from the previous day, continuing the 'greed' phase. This is 18 points higher than the previous month’s 53 (neutral level).
The closer the index is to 0, the more extreme market fear it is, and the closer it is to 100, the more extreme optimism it is.
Meanwhile, according to cryptocurrency media outlet The Block, Rachel Lin, co-founder of Singapore-based decentralized exchange SynFutures, predicted that the price of Bitcoin could exceed $47,000 by the end of November.
He said, “October is traditionally a bullish month. True to Uptober (up+october)’s reputation, Bitcoin rose about 29% in October this year. What’s more interesting is that November has never been stronger than October. “It is a lot. If a similar pattern to past data repeats, it will exceed $47,000 in November of this year,” he explained.
