After a few rather harrowing couple of weeks, the Bitcoin (BTC) price has surged after months of apparent monetary sluggishness. Since July 23, the value of a single Bitcoin has risen by around 19% with the premier currency breaking through its all-important $10,000 psychological threshold, thus leading many casual investors to once again get onboard the crypto hype train.
Bitcoin’s recent price hike has also resulted in a retail boom, with a huge number of trading platforms across the world reporting exorbitant Bitcoin trading volumes.
As a result of this muscular market activity, a prominent crypto specialist and CEO of BitBull Capital, Joe DiPasquale, stated that this latest surge is once again building up an element of a fear of missing out, among casual investors.
Reverberating a somewhat similar sentimentality, Joshua Frank, co-founder and CEO of The Tie — a provider of data aggregation tools — commented that “Bitcoin hit its highest daily tweet volume level since June 26th, 2019 in the wake of the Twitter scam on July 16th. While it isn’t clear that the run-up had any correlation to the scam, we have seen in the past that, all else equal, the more users talking about Bitcoin the better the asset performs.”
He added that “Historically speaking, volatility has driven significant new waves of interest and investors into Bitcoin, particularly with the most recent run from $9,000 to $12,000. Frank outlined that the 30-day average number of Twitter users discussing Bitcoin has spiked from 24,000 to 30,000 over the last two weeks”
Top cryptocurrencies are rallying.
Adam Vettese, market analyst at cryptocurrency trading and investment platform, eToro, pointed out that since crypto prices began surging at the end of July, the number of crypto spots being opened amplified by 115% versus the previous fortnight. Over the same time period, trading bulk in crypto instruments also increased by 162%. The number of Bitcoin positions opened increased by 222% with a 421% rise for Ether (ETH) and 170% for XRP.
People’s gush regarding crypto is soaring.
On July 12, Bitcoin’s long-term sentiment hit a new all-time high leading up to Bitcoin’s race at the end of the month. Similarly, the daily sentiment score represents a measure of how positive or negative conversations on Twitter have been about a particular coin over the last 24 hours vs. the previous 20 days.
The daily sentiment score of investors has remained positive every day from July 20 to August 1, despite the fact that Bitcoin failed to surpass the $12,000 mark and go back over by $1,400, investor sentiment fell below 50 for only about 28 hours, alluding to the fact that investors have remained extremely positive on Bitcoin.
Joshua added that approximately 68% of all tweets discussing the long-term financial future of Bitcoin over the past month have been positive.