The crypto market has been caught in the throes of an incredibly strong uptrend ever since it bottomed in mid-March.
The decline seen at this time was intense, with Bitcoin plunging to lows of $3,800 while Ethereum set lows within the sub-$100 region.
The intensity of this downturn came about due to a cascade of liquidations, and the subsequent rebound helped BTC break its correlation with the stock market and start trading in a similar fashion to other safe haven assets like gold and silver.
Despite the fundamental strength underpinning the strong multi-month uptrend, investor greed is now reaching historic highs.
This metric typically used as a counter-indicator by traders, with the cryptocurrency’s uptrends often ending once investors grow too greedy.
Investor Greed Reaches New Highs as Market-Wide Crypto Uptrend Persists
The crypto market is currently being controlled firmly by bulls, who have sent prices rocketing higher.
Virtually all major digital assets have been able to post massive gains over the past few weeks, with Bitcoin’s somewhat slow ascent providing altcoins with an ideal backdrop to rally against.
One sector in particular that has been benefiting greatly from this recent market-wide rally has been DeFi, as many of the tokens that fall under this category have been posting meteoric gains.
This has created an environment similar to that seen in 2017, where investors will throw money at just about any token under the sun – given that it has unique code, a cool logo, and a functional website.
One byproduct of this has been growing greed within the markets. In the past, massive spikes in investor greed have come about just before trend reversals.
Although investor greed – per the Fear & Greed Index – is not quite where it was in the summer of 2019, it is starting to reach historic highs.
BTC’s Strength Suggests There’s Room for Further Upside
Although this may mean that the market-wide uptrend is…