The crypto market has been bullish since early August, led by Bitcoin [$BTC]. This recovery follows a bear market that persisted from October last year.

Since the start of August, the total crypto market cap has grown from $2.06 trillion to over $2.91 trillion, adding nearly $1 trillion in six weeks.

This scenario raises the question of whether this increase signals the start of a cryptocurrency bull market.

Market sentiment returns to greed

In essence, the Fear & Greed Index has returned to 59 as of writing, indicating a sentiment of greed. The index was at 45 last week, indicating fear, but that sentiment changed after $BTC’s price broke above $85,000.

Notably, the index is not far off from reaching extreme greed levels around 70.