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Bitcoin surges to $47,000, Jim Cramer: It has reached its peak
Cryptocurrency Greed Index soars
Bitcoin surges to $47,000, Jim Cramer: It has reached its peak
Bitcoin reached a high of $47,248 this morning, with a 7% increase in the past 24 hours. It is the only coin among the top ten cryptocurrencies by market value that has shown an upward trend in the past seven days, reaching a new high since April of last year.
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Bitcoin reached a high of 47K, with Grayscale GBTC trading volume approaching $500 million
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Just about a week ago, CNBC host Jim Cramer highly praised Bitcoin as a “technological miracle” and “unstoppable.”
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This is widely seen by the community as being bullish on Bitcoin.
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Jim Cramer calls for buying Bitcoin again, will a Bitcoin spot ETF be beneficial?
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However, on January 8th, Jim Cramer stated on his show that he believes the price of Bitcoin has peaked. He said:
Let’s stop kidding ourselves, if you want Bitcoin, just buy Bitcoin, (but) I think Bitcoin is hitting its peak.
Cryptocurrency Greed Index soars
Meanwhile, cryptocurrency data platform CoinGecko tweeted that the cryptocurrency fear and greed index has risen from “greed” to “extreme greed.”
However, data from another platform, CoinMarketCap, shows that the market is currently in the greed level. It reached the extreme greed level from December 6th to December 10th last year, when BTC surpassed $40,000 for the first time and reached $45K, and then experienced a pullback to $40,150 after the extreme greed phase.
In fact, Jim Cramer had already called for buying BTC back in November last year:
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Contrary indicator Jim Cramer is bullish on Bitcoin! Where is the resistance above BTC?
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Jim Cramer
Contrary indicator
Fear and Greed Index
Bitcoin
Further reading
Jim Cramer calls for buying Bitcoin again, will a Bitcoin spot ETF be beneficial?
Contrary indicator Jim Cramer is bullish on Bitcoin! Where is the resistance above BTC?