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After what will be described as an exceptional week for the crypto market, Bitcoin has lastly crossed $31,000 for the primary time in virtually one 12 months. This comes at a time when investor sentiment has recovered drastically and cash is pouring into the trade as soon as extra.

Bitcoin Clears $31,000 For The First Time In 10 Months

In the early hours of Friday, the worth of Bitcoin crossed $31,000. The final time that the digital asset sat at this worth was again in June 2022, a few months earlier than the FTX implosion. The months previous this restoration have been wrought with uncertainty however the final result has left a bullish aftertaste within the mouth of traders.

Just this week alone, Bitcoin has gone from buying and selling across the $27,000 degree to transferring above $30,000 which solidified the rally for the digital asset. It additionally interprets to an over 10% enhance within the final week as effectively,  pushing the asset’s market cap towards $600 billion.

BTC rallies to new 10-month excessive | Source: BTCUSD on TradingView.com

Furthermore, BTC has now risen round 100% in 2023 alone after beginning out the 12 months on the $16,000 degree. As BTC is buying and selling effectively above its year-to-date low of $23,721, the current bullish momentum is extra more likely to proceed, though a small correction just isn’t out of the query given its development charge during the last couple of days.

Crypto Investors Still Very Greedy

As Bitcoin continues to get well, crypto traders are getting even greedier. According to the Fear & Greed Index – an index that measures investor sentiment out there utilizing numerous metrics – Bitcoin traders are nonetheless very grasping.

The scale which fits from 0-100 at the moment sits at 68, which interprets to greed out there. At instances like these, rallies are extra inclined to proceed on condition that traders flock to the market to make the most of the rising costs.

Investors stay very grasping | Source: alternative.me

This was the case within the final bull market that lasted from 2020-2021 the place costs saved going up the greedier traders grew to become. Looking on the historic chart of the Fear & Greed Index, it exhibits a continuation till the index reaches the Extreme Greed degree, at which level the market peaks and costs start to fall.

Related Reading: Over 80,000 ETH To Be Released Daily As Ethereum Pending Withdrawals Cross $1.6 Billion

If this historic development is something to go by, then the index nonetheless has a protracted technique to go, and that signifies that costs will probably proceed to rally from right here. However, there’s at all times the potential of a crash like what was skilled in March 2022 when the index recovered to a rating of 60 earlier than tumbling again down and taking the market with it.

For now, BTC continues to be sustaining its worth above the $30,500 help. It noticed a 17% enhance in its buying and selling quantity within the final 24 hours, bringing it $21.7 billion.