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Bitcoin went on a tear after Donald Trump won the US presidential elections in early November, adding more than thirty grand within weeks and peaking at above $99,800.
Most reports on the matter indicate that the impressive run was driven mostly by US-based institutions, and this could be proved by theSuch massive price surges in a relatively short time typically attract the retail crowd, but this doesn’t seem to be the case during the current rally. The mass euphoria isn’t peaking now as it used to during the 2017 bull run that saw BTC skyrocket to $20,000 and the 2021 explosion when it surpassed $70,000 for its then-all-time-high.
In the past few weeks, the index has been predominantly in the red territory at around -0.5. CryptoQuant’s analysis said this “suggests that retail involvement has not actively contributed to the current price rally.” “Historically, the Korea Premium Index has often spiked to extreme levels before Bitcoin’s price reached its peak . Based on this chart, monitoring the Korea Premium Index’s movement remains a valuable tool for identifying potential Bitcoin price tops.”Google Trends data is another source that depicts the general sentiment among retail investors, as they are usually the ones who search for the leading cryptocurrency.
However, the levels are still significantly lower than those during the 2021 bull runs and the 2017 rally. This shows that there’s still a lot of room to grow in terms of retail participation. In fact, many analysts speculate on X that retail’s potential arrival could finally boost BTC to the coveted andWhat Is Sui Network : The Ultimate Guide in 2024One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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