Over the past two weeks, Bitcoin (BTC) price has rebounded after months of apparent monetary stagnation. Since July 23, the value of a single Bitcoin has risen nearly 20%. Not only has the major currency crossed the psychological threshold of $ 10,000 after sideways trading since the supply bottleneck in early May, prompting many ordinary investors to get back on the crypto hype train.
The recent spike in Bitcoin prices has also sparked a retail boom. Quite a number of trading platforms around the world saw very high Bitcoin trading volumes. As a result of this bullish market activity, Joe Depasqual, a noted crypto analyst and CEO of BitBull Capital, recently stated that this latest rally is rebuilding the element of FOMO, or fear of loss, among the occasional investors who believe they may be doing so. Be late for the coding party.
Joshua Frank, co-founder and CEO of The Tie – a provider of data aggregation tools – reiterated to Cointelegraph that past volatility has generated significant new waves of interest and investors in Bitcoin, particularly with the recent $ 9,000 to $ 12,000. Frank stated that the average number of Twitter users discussing Bitcoin in 30 days had increased from 24,000 to 30,000 in the past two weeks, adding:
Bitcoin hit its highest daily tweet volume since June 26, 2019 after the Twitter scam on July 16, 2019. While it’s not clear whether the previous period had anything to do with the scam, we’ve seen in the past that and everything else is the same. The more users talk about Bitcoin, the better the asset’s performance. “”
Price versus size of the tweets
Dennis Vinokurov, head of research at BeQuant, the cryptocurrency exchange and institutional brokerage service, told Cointelegraph that since the high volatility his company has found that trading volume has increased nearly 40% from the daily summer average prior to this last rally.
The best cryptocurrencies travel fast
Cointelegraph also discussed recent market promotions with Adam Vitesse, a market analyst at eToro Cryptocurrency Investment and Trading Platform. He noted that since cryptocurrency prices began in late July, the number of open crypto positions has increased 115% compared to the past two weeks. During the same period, the volume of trading in crypto instruments increased by 162%. The number of open Bitcoin deals rose 222% with an increase of 421% for Ethereum (ETH) and 170% for XRP.
Most of the crypto assets have been invested in eToro
Christoph Michot, Head of Sales at CrossTower Digital Asset Trading Platform, also stated that his company had seen daily trading volumes increase 219% over the past two weeks and average daily subscriptions increased 66% over the same period.
Michotte also emphasized that the market has turned sharply bullish overall since the retreat in mid-March. For example, Bitcoin has rebounded more than 210% and Ethereum has rebounded 364% since the Black Thursday crash on March 11, 2020.
The surge in the cryptocurrency market followed positive news such as the recent clarification by the U.S. OCC that banks can hold the Bitcoin currency, as well as the announcement of another stimulus package that the Federal Reserve will issue in the near future, according to some experts that the US dollar will continue to depreciate.
People’s sentiment regarding cryptocurrencies is rising
On July 12, Bitcoin’s long-term sentiment value – a comparison of investor sentiment over the past 50 days versus the previous 200 days – hit a new all-time high that led to Bitcoin by the end of the month. Likewise, the Daily Sentiment Score is a measure of how positive or negative conversations on Twitter about a certain currency in the last 24 hours compared to the last 20 days.
Bitcoin price compared to long-term sentiment result
Daily investor sentiment remained positive (over 50) every day from July 20th to August 1st. Even after Bitcoin hit the $ 12,000 mark and reclaimed $ 1,400, investor sentiment fell below 50 for just 28 hours, citing the fact that investors continued to be very positive about Bitcoin.
Frank Cointelegraph said nearly 68% of all tweets discussing Bitcoin’s long-term financial future over the past month were positive.