While this may be a disappointing situation for some Bitcoin supporters, it could also mean that the community is still facing the biggest gains. Margin buyers and sellers set the price in every market. In the case of the Bitcoin market and digital currencies in general, the lack of attention shown in The Block Research’s recent report would indicate that Bitcoin is no longer in a bubble.
Bitcoin may be on the verge of a big surge
The bull markets tend to end with a high level of public interest. This happened in 2017 when BTC prices reached almost $ 20,000. Now, interest in Bitcoin is eight times lower than in the 2017 week when the coin hit its all-time high so far. The number of new Twitter followers for large exchanges like Binance is also much lower than in late 2017 and early 2018. On the basis of the data used for the assessments, the new number of followers on similar exchanges is now even 50 times lower than at that time. In short, the latest report shows a huge drop in market participants for the crypto industry compared to the exciting days of 2017. The Block’s Larry Cermak said the crypto framework has matured significantly over the past two years, although there are fewer participants . The market now offers many institutional products for this.