The last few weeks have been one of the most difficult market phases in recent years for investors in the crypto market. Although October is actually the strongest month of the entire year from a seasonal perspective and is therefore often referred to as Uptober in the crypto community, the hoped-for price increases did not materialize last October.
On the contrary, for the first time since 2018, the Bitcoin price had to absorb a loss of -3.95 percent. Since the all-time high on October 6th, which was reached at 126,198.07 US dollars, the Bitcoin price has fallen by more than 23 percent. With the sell-off, sheer panic broke out in the crypto market, which now speaks for itself.
(The price of Bitcoin fell last October for the first time since 2018 on a monthly basis – source: Tradingview.com)
The biggest panic in the crypto market since 2020: What that means now
Sales on the financial markets, including the crypto market, are always accompanied by a certain level of unease among investors. Corrections are accompanied by fear and a crash is accompanied by sheer panic. To measure this mood, there are the so-called Fear & Greed Indices.
These use various sentiment indicators to measure whether there is fear, greed or sheer panic on the crypto market. And currently, according to the Bitcoin Fear & Greed Index, the latter seems to be widespread among Bitcoin investors. As Bitcoin Archive posted today on
For investors, this sheer panic that the Bitcoin Fear & Greed Index is currently showing naturally looks frightening at first. That could be a better signal than one might think at first glance. The Bitcoin Fear & Greed Index is a so-called contrarian indicator. This is simply because the price often begins to rise again at the point of greatest panic.
The huge panic in Bitcoin suggests that the prices will soon reverse. Investors who hold their nerve could make big profits again, because crises often reward the brave.
Above all, investors should ask themselves whether the fundamentals are as bad today as they were during the Covid crash. That is not the case. At the time, the fear was justified, as the effects of the pandemic were not yet clear and half the world had gone into lockdown. This actually had devastating consequences, some of which can still be felt today.
There is no sign of this today and the market is still as uncertain as it was back then. This means that the chances are actually good that there will soon be a recovery for Bitcoin, from which many altcoins should also benefit. Above all, Bitcoin Hyper ($HYPER), which is currently going through the roof.
As the world’s first Bitcoin Layer 2, Bitcoin Hyper is the latest upgrade to the Bitcoin blockchain. The Hyper Chain makes it possible to participate in the decentralized financial market with Bitcoin. DeFi applications have previously only been usable on newer blockchains and since Bitcoin Hyper is built on the Solana Virtual Machine, the benefits of Solana are brought to Bitcoin. The focus is on the $HYPER token, which is currently still available for pre-sale. Investors still have the chance to be there right from the start when an altcoin comes onto the market that could bring about lasting change, similar to what was the case with Solana or Ethereum back then.
Get in now and buy $HYPER in the presale.
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