Crypto Market Plunges into Extreme Greed Territory for First Time Since Late 2024

The Crypto Fear and Greed Index has hit 'extreme greed' for the first time since late 2024, according to Bitget. The index measured on Coinmarketcap soared from a score of 36 (fear) last month and 41 (neutral) a week ago to an unprecedented 81 (extreme greed), marking its fastest sentiment swing this year.

The gauge's dramatic shift is a result of the cryptocurrency market's turnaround from deep 'fear' territory. The index had previously bottomed at 5 on February 5, deep in 'extreme fear,' its lowest point of the year.

Bitcoin has been driving the sentiment flip, gaining around 24% in a week while the broader crypto market grew less. This mismatch is visible in Bitcoin's rising share of the total crypto market, which has pushed investors toward Bitcoin as an inflation hedge.