Bitcoin Up Over $1000 in Three Days As Greed Overtakes Fear

Siamak Masnavi

On Thursday (November 28), crypto traders around the world seem to have decided to celebrate America's Thanksgiving holiday by doing some more shopping for crypto bargains, thereby helping 15 out of the top 20 cryptoassets to move higher today. 

According to CryptoCompare, at 15:30 UTC, Bitcoin managed to surge above $7,600 (to $7,617) for the first time since November 22; this means that Bitcoin has jumped in value more than $1000 since just three days ago when it reached an intraday low of $6,575.

Here is the one-week BTC-USD price chart:

BTC-USD 2 Week Chart on 28 Nov 2019.png

And this chart how the Bitcoin price has changed in the past 24-hour period:

BTC-USD 28-Hour - 28 Nov 2019.png

It's almost as though Bitcoin traders have been thinking about Gorden Gecko's famous "Greed Is Good" speech in the 1987 movie "Wall Street" (starring Michael Douglas and Charlie Sheen):

The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.

And as crypto analyst/trader "Rekt Capital" (@rektcapital) pointed out over on Twitter earlier today, some greed definitely seems to be have recently entered the crypto market as we can see from the value of the "Crypto Fear & Greed Index", which has gone from 17 to 32 in the past few days (0 represents extreme fear and 100 represents extreme greed):

 

Featured Image Credit: Photo via Pixabay.com