Over the past two weeks, the price of bitcoin (BTC) has recovered from months of apparent monetary stagnation. Since July 23, the value of a bitcoin has increased by almost 20%. Not only that, after the side business traded after a decline in supply in early May, the main currency crossed the psychological threshold of 10,000 dollars, which caused many ordinary investors to bounce back on the crypto hype.
The recent rise in Bitcoin prices has also led to a retail boom, with a number of trading platforms around the world reporting soaring volumes of Bitcoin trading. As a result of this bullish market activity, Joe Depaskwal, a prominent cryptanalyst and CEO of BitBull Capital, recently stated that this latest rally is creating an element of FOMO again, or fear of getting lost among ordinary investors who think they can do it. Arrive late for the programming party.
In an echo of somewhat similar sentiment, Joshua Frank, co-founder and CEO of The Tie – a data collection provider – told Cointelegraph that historical volatility has led to significant new waves of interest and investor interest in Bitcoin, especially with the latest of the $ 9000 to 12 000 dollars. Frank explained that the average number of Twitter users discussing Bitcoin in 30 days has increased from 24,000 to 30,000 in the last two weeks, adding:
Bitcoin reached its highest daily number of tweets since June 26, 2019 after a Twitter scam on July 16. Although it is unclear whether the previous period had anything to do with fraud, we have previously seen that the higher everything else, the more users talk about bitcoin, the better the asset will perform. ”
Price per tweet size
Dennis Vinokurov, head of research at BeQuant, a cryptocurrency exchange and institutional brokerage service, told the Cointelegraph that due to the high volatility, the company noticed that trading volumes jumped almost 40% from their daily average over the summer before the last rally.
Top cryptocurrencies are moving fast
Cointelegraph also discussed the recent market action with Adam Vitesse, a market analyst for cryptocurrency investment and trading platform eToro. He noted that since cryptocurrency prices began to rise in late July, the number of open positions in cryptocurrency has increased by 115% over the previous two weeks. During the same period, the volume of trading in crypto instruments also increased by 162%. The number of open Bitcoin transactions increased by 222% with an increase of 421% for Ethereum (ETH) and 170% for XRP.
Most of the crypto assets invested in eToro
Christophe Michaud, Sales Manager for Digital Asset Trading Platform, CrossTower, also said that his company has seen a 219% increase in daily trading volume over the past two weeks, as well as a 66% increase in average daily subscribers over the same period.
Michotte also emphasized that the market as a whole has had a strong bullish reversal since the withdrawal in mid-March. For example, Bitcoin has recovered more than 210% and Ethereum has recovered 364% after the Black Thursday crash on March 11, 2020.
The growth of the cryptocurrency market has come on top of positive news such as the recent clarification from the OCC in the US that allows banks to hold on to the bitcoin currency in addition to announcing another stimulus package to be issued by the Federal Reserve in the near future, which experts believe the US dollar will continue to weaken.