The crypto market's greed index has hit a 7-month high, as Bitcoin continues to "test the top" after surpassing the $80,000 mark since the afternoon of November 10.

Fear and Greed Index Rising

The Fear & Greed Index, a measure of crypto users' greed and fear, hit 78/100 - its highest level since April 2024, when Bitcoin was trading around $70,000 ahead of the 2024 halving.

BTC fell into the "Extreme Greed" zone (75-100) on October 31 and "settled" in this zone after Donald Trump confirmed his victory as US President.

At the time of writing, the index has dipped slightly to 75 points, but analysts predict that Bitcoin will rise even more before Donald Trump is sworn in on January 20, 2025.

The Fear & Greed Index is a commonly used scale to represent market volatility (25%), trading volume (25%), social media sentiment (15%), Bitcoin dominance (10%), and trends (10%) for Bitcoin.

The index's developers argue that a reading above 70 often reflects an overly optimistic market and a correction is imminent. However, that argument is not always correct.

Bitcoin Google Search Trends

Bitcoin is also returning to Google search trends. Bitcoin's recent price surge seems to have awakened many individual investors, as Google searches for "Bitcoin" have increased overwhelmingly.

Bitcoin Google Search Trends. Source: Google Trends (11/11/2024)

However, the current search volume is still quite modest compared to the price surge in late May 2021, with the current search score for Bitcoin at 48/100, according to data from Google Trends.

The bullish sentiment has been fueled by Trump's victory and the increased representation of crypto-friendly politicians who won seats in the US Senate and House of Representatives for the 2025-2029 term.

Crypto investors could also benefit from a new look for the US Securities and Exchange Commission (SEC) with a more accessible policy, if Trump makes good on his promise to remove Gary Gensler, who has been criticized as the most "destructive" SEC chairman in history.

SEC Commissioner Mark Uyeda, who has criticized the SEC's harsh policies, is likely to be Gensler's successor, according to crypto lawyer Jake Chervinsky. Political newspaper Politico commented that Robinhood's Chief Legal Officer - Dan Gallagher - could become the new Chairman of the SEC.

Bitcoin is constantly "surveying new peaks" and shows no signs of cooling down. The latest ATH is 81,846 USD, just set this morning (November 11). In just the past week, the king coin has increased by 18%.