According to the index that measures market sentiment, bitcoin is now worth more than $49,000.

The Fear & Greed Index is a measure of market excitement for bitcoin and digital assets. It’s published by alternative.me. The index last reached a score around 79 in November 2021, when bitcoin’s all-time high was $69,000.

alternative.me said on its website that “when investors get too greedy it means the market needs a correction.”

The market is based on the axiom that traders are more likely to buy when there’s a high level of fear and less likely to do so when there’s a higher level of greed. Of course, this is not always the case.

Since October of last year, the index has consistently been above 70 (the “greed” threshold). The index fell to as low as $50 following the approval in January of bitcoin ETFs, which was initially a “sell the news” event.

Bitcoin’s price has doubled over the past 12 months. One coin was only worth $21,000 a year ago. Yesterday, the price briefly surpassed $50,000. At press time, the price had retreated to $49,000.