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The world’s largest cryptocurrency, Bitcoin, has clocked 11 straight days outside the “Fear” zone in the Crypto Fear and Greed Index, which is its longest streak out of the zone since last year in March.
This huge boost in Bitcoin prices means that approximately 64% of BTC investors are in profit, according to data from blockchain intelligence platform IntoTheBlock.
On the 29th of January, Bitcoin hit its highest level yet this year with a price of $23,955. Similarly, Bitcoin sentiment currently sits in the “Greed” zone with a score of 61.
However, despite BTC’s bullish run in recent weeks, market participants are still skeptical about when the strong resurgence is a bull trap or a sign of a real bull run.
Notwithstanding, more Bitcoin holders are currently in the green.
According to calculations by Glassnode, the average first-time buy price for BTC investors in 2019 was $21,800, which means those investors are on average up about 9% at the Jan. 29 price of $23,687.
Meanwhile, a recent poll shows that more than half of cryptocurrency enthusiasts and experts are optimistic that BTC will climb above $25,000 soon.