Over the last 24 hours, the crypto market cap has reduced by 4.10% to $1.19T. Furthermore, the crypto market volume was $93.00B, which is a decrease of 0.25%.
The past couple of months has affected sentiment in the crypto market negatively. Cryptos consumed most of April in the fear territory. In spite of the recent market volatility, the Fear and Greed Index maintained a high until the recent crash of the LUNA. The move sent the market into fear territory. Additionally, the index has plunged to its lowest level in almost two years, at 12.
More frightening is that the index plunged to its lowest level in almost two years during the last week at 8. It is deemed the second-lowest score registered on the index, following the 5 in 2018. After getting to its May 17 lows, the index recouped some of its losses. Moreover, it dropped to 11, and it is presently sitting at its lowest level since April 8.
The extreme fear reading on the Fear and Greed Index shows how investors are feeling about cryptocurrencies at the moment. The index is low, at 12, indicating extreme fear. This absence of confidence in the market is further proven by the great number of sell-offs in the space. These sell-offs are adding to the already declining sentiment in the market.
Bitcoin kept on to struggle this week, plunging below $30,000 for the first time in over a month. It has been in a wild trading range for the past couple of weeks.