Although bitcoin and other cryptocurrencies have grown significantly in recent months, retail investors have not yet "believed in the hype." This was stated by Joe Vezzani, CEO of the analytical company LunarCRUSH, writes Cointelegraph.
Compared to the previous bull market, social interactions and overall retail interest are "still quite low," he said.
Over the past six months, messages mentioning the first cryptocurrency have shown a surge in activity in January and March.
Correlation of the bitcoin price and the number of posts mentioning the asset. Data: LunarCRUSH.The interest of retail investors may be caused by the SEC's approval of spot bitcoin ETFs in January and the update of the historical maximum by digital gold in March.
According to LunarCRUSH, social mentions of Ethereum have remained relatively stable over the past six months. At the same time, interest in the second largest cryptocurrency has decreased since the beginning of March.
Correlation of the Ethereum price and the number of posts mentioning the asset. Data: LunarCRUSH.Vezzani doubted that the upcoming halving of bitcoin would attract retail investors. According to him, such an event is "usually perceived more as an insider event."
"Bitcoin is already a difficult task for beginners, and when we introduce concepts such as halving, we risk alienating the public and reducing their interest in this discourse," explained CEO LunarCRUSH.According to Ripple CEO Brad Garlinghouse, the capitalization of the cryptocurrency market will double in 2024 and exceed $5 trillion.
Recall that the head of Morgan Creek Capital, Mark Yusko, predicted the growth of bitcoin to $ 150,000 by the end of the year.
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