The sentiment shift in the cryptocurrency market is playing out a dramatic turnaround. After a full 3 months of cautious waiting, the market trend has finally shown a clear reversal — the "fear" atmosphere has dissipated, and the "greed" sentiment has reignited. This is the first time since October last year that investors have regained an optimistic outlook.

Alternative.me's data most directly reflects this change. The highly watched "Cryptocurrency Fear and Greed Index" jumped to 61 points (out of 100) today, officially entering the "greed" zone. The index was still hovering around 48 points at a neutral level the previous day, and in the earlier weeks, market sentiment was long trapped in the mire of "fear" or even "extreme fear."

To understand the origins of this downturn, we need to go back to October 11th of last year. That day was dubbed a disaster day, when $19 billion worth of positions in the derivatives market were instantly liquidated, severely damaging investor confidence. Altcoins plummeted accordingly, panic spread, and investors rushed to withdraw, entering a defensive mode.

In the following November and December, the index repeatedly fell to single and double digits, with an atmosphere of extreme panic seemingly frozen in the market air.

The recent sentiment reversal has almost coincided with Bitcoin's rally. In just 7 days, Bitcoin surged from $89,800 to $97,704 early this morning, hitting a new high in 2 months. This strong momentum successfully stabilized market confidence and also boosted the overall sentiment rebound in the cryptocurrency ecosystem.