Ex-Binance Boss Says FOMO is Just Beginning as Crypto Market Goes Wild

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Over the past few days, the crypto market has been nothing short of chaotic. As a crypto investor, I’ve been keeping a close eye on the action, and it’s safe to say that things have been unpredictable at best. Bitcoin (BTC) has been teetering on the brink of an all-time high at $104,500, while only two alternative cryptocurrencies seem to be bucking the trend. Meanwhile, every other asset has taken a nosedive, plummeting by double-digit percentages for two days straight. This unprecedented series of events is more than just wild; it’s a rollercoaster ride that no one could have predicted.

Indeed, it’s intriguing to consider what powerful minds make of this situation. For instance, a significant player in the cryptocurrency sphere, the former CEO of the world’s largest exchange Binance, Changpeng Zhao, views this as far from over and suggests that the fear of missing out is merely just getting started.

The FOMO is just starting…

— CZ 🔶 BNB (@cz_binance) January 19, 2025

Four days ago, I came across a post by Zhao that delved into the intriguing intersection of greed and fear, which mirrors my own recent observations. Interestingly, in his post, CZ acknowledged that it’s normal to experience these conflicting emotions. However, he emphasized that the key distinction lies not just in feeling this way, but in acting responsibly.

Just greed, nothing extreme

One possible method for quantifying the sensation of FOMO (Fear of Missing Out) could be through the creation of a Fear and Greed Index. This scale runs from 0 to 100, where very low numbers reflect intense fear, while high numbers signify strong greed.

According to the data on CoinMarketCap, the current market situation indicates a ‘greed phase,’ but it’s not excessively intense as the reading stands at 64 out of 100.

It’s not uncommon to witness an inclination towards excessive greed in the market, as we’ve observed it swaying in this direction quite frequently over the past few weeks and months. A notable instance of such frenzy was in early December, for example, after which the market experienced a correction that lasted nearly a month, with Bitcoin consistently trading below six figures throughout that period.

At present, it appears that the market is quite evenly distributed. However, some individuals might feel a sense of fear of missing out (FOMO) when they observe the impressive growth of certain new cryptocurrencies.

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2025-01-19 15:04