The post Bitcoin Is Nearing New Record High, but Retail Investor Interest Remains Low appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) edges closer to a new all-time high, retail investor interest appears to be waning. According to crypto analyst Miles Deutscher, who shared his insights on X (formerly Twitter) and was quoted by Cointelegraph, Bitcoin’s price momentum is strong, yet the enthusiasm among everyday investors remains subdued. Data from Google Trends reveals that search interest for “Bitcoin” currently scores 23 out of 100, a stark decline from its peak score of 100 in May 2021. Additionally, unlike previous bull runs, Coinbase‘s ranking in Apple’s App Store has not seen significant improvement, standing at 308th as per Sensor Tower data.   Introduction to Bitcoin’s Price Surge Current Market Performance Bitcoin has been on an upward trajectory, showing resilience and strong price performance amid a complex macroeconomic environment. The cryptocurrency’s near-record high is a testament to its enduring appeal as a digital asset, attracting both institutional investors and seasoned traders. However, this bullish trend is juxtaposed with a noticeable decline in retail investor engagement. Discrepancy Between Price and Retail Interest While Bitcoin’s price movements suggest growing confidence and increased demand, the lack of corresponding interest from retail investors raises questions about the sustainability of this rally. Understanding the factors behind this disconnect is crucial for assessing Bitcoin’s future trajectory and market dynamics.   Analyzing Retail Investor Interest Google Trends Data Google Trends provides a quantitative measure of public interest by tracking search volumes for specific keywords. The current score of 23 for “Bitcoin” indicates significantly lower interest compared to its historical peak. This decline suggests that fewer retail investors are actively seeking information or considering investments in Bitcoin at this time. App Store Rankings Coinbase, one of the leading cryptocurrency exchanges, typically sees its app climb the ranks during bullish market phases as more retail investors download and engage with…

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Filed under: News - @ October 30, 2024 6:25 am