On September 27, COINOTAG reported via Alternative data that the cryptocurrency market sentiment index has reached 61, up from 50 just a day earlier. This increase signifies a two-month high in market optimism, as the index transitions into the “greed” phase after a month’s hiatus in more neutral territory. The index, which ranges from 0 to 100, is calculated based on several critical components: volatility (25%), market trading volume (25%), social media engagement (15%), market research (15%), Bitcoin’s market dominance (10%), and a Google trends analysis (10%). Such a significant change highlights a revived positive sentiment among investors and traders, possibly pointing towards increased market activity and assertiveness in trading behaviors.
Source: https://en.coinotag.com/breakingnews/bitcoin-dominates-as-crypto-market-sentiment-hits-two-month-high-greed-index-at-61/