Bitcoin has hit all-time highs several days in a row.
Many believe that much of this increase was caused by institutions.
The price may continue to rise in the coming weeks if the interest of individuals increases
According to data from Skew, retail traders‘ interest in BTC has only increased slightly despite the crazy rise in Bitcoin during the holidays. What does this mean for the days to come, and will retailer interest return?
According to recent misconceptions, the price of Bitcoin has increased thanks to increased interest from institutions. Ever since Grayscale and Paypal started grabbing cryptocurrency faster than it can be mined, it looks like the price has kept climbing.
When BTC hit $ 25,000 on December 25 , the bulls didn’t stop. Interestingly, the $ 28,000 price Bitcoin hit on December 27th presented itself on one of the quietest working days of the year.
Due to the Christmas holidays, many major banks, businesses and other financial institutions are closed. If it was therefore the latter who paid the money, who are these whales that make prices climb even higher?
Thus, although the interest of institutions is high, it probably determines the course and is dominant, the increase in vacancies cannot be explained by this factor alone. Indeed, between Christmas and New Years, retail traders must buy Bitcoin.
So $ 25,000 * on the 25th, three new ATHs: 24.7, 24.8 and $ 25,000 in one day. Do you think the institutions have done this? The day of Christmas ? Individuals did – only people near a keyboard.
(* $ 25,000 if you choose @bitstamp or @krakenfx although this is not really the case on @bitfinex)
However, according to the Skew study, retailer interest did not reach the all-time highs of 2017, when the infamous “bull run” raised BTC to nearly $ 20,000 for the first time.
To prove it, Skew came up with a graphic from Google Trends on the word “bitcoin”. In essence, this shows the measure of the number of times “bitcoin” has been searched for and linked to Google.
BTC still has room to go up
Even though Bitcoin is at its all-time high and the cryptocurrency’s market capitalization is also at an unprecedented amount, there is still room for growth.