Crypto Market Sentiment Remains Neutral Amid Wild Price Swings

The Crypto Fear & Greed Index has been hovering around a reading of 40, barely moving in the last 24 hours. However, looking at its movement over the course of a month reveals a more interesting pattern.

At press time, the index was sitting comfortably at 40, but a glance at its historical data shows that it's capable of extremes. In mid-August last year, the index reached a reading of 68, indicating a state of extreme greed, while in February, it plummeted to 5, signaling extreme fear.

Despite this month's run from 28 to neutral 40, which could indicate that the index is compressing into a narrow band, Bitcoin has been experiencing repeated full cycles. The cryptocurrency has seen its price swing wildly, touching 66.5K and sliding back down to 64K on multiple occasions.

This volatility has also been reflected in the crypto market capitalization chart, with the total value fluctuating between 2.14T and 2.25T over the course of a month.