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Cryptocurrency News Articles
Bitcoin (BTC) Price Surges in Early 2024, But Retail Investors Re-enter the Cryptocurrency Market
Oct 15, 2024 at 12:37 am
According to a report by Cryptoquant, the recent Bitcoin price surge in early 2024 has led to discussions of retail investors re-entering the cryptocurrency market.
A recent analysis of smaller Bitcoin addresses has shown a nuanced narrative, contrasting with the headlines generated by more prominent players.
While there have been discussions of retail investors re-entering the cryptocurrency market following the early 2024 Bitcoin price surge, a deeper examination reveals a more gradual and uneven retail participation this cycle.
According to a report by Cryptoquant, smaller Bitcoin addresses, such as plankton addresses with balances of more than 0 and up to 0.1 BTC, have experienced slower growth compared to previous cycles.
This is attributed to the cautious approach being taken by new investors in light of the global economic challenges.
Despite Bitcoin's overall price increase, tighter monetary conditions in the global financial environment have affected retail investors' eagerness to invest.
This has resulted in a less dramatic surge in plankton addresses during the present bull market.
Furthermore, the growth of shrimp addresses, holding between 0.1 and 1 BTC, has been moderate since the beginning of 2024. However, this increase is less regular than in previous cycles.
Mid-level retailers still appear to be maintaining a guarded sentiment, and crab addresses, holding back 1 to 10 BTC, have experienced more stability.
The growth in these smaller address categories is uneven, and the engagement is significantly more uncertain compared to larger addresses.
While the increases may be attributed to renewed interest from mid-level investors, this growth is weaker than expected, possibly due to the economic uncertainty and cautious investment behavior.
However, the increase in these smaller categories, which have yet to reach the final wave of retail FOMO-driven FOMO, still shows room for a final retail wave yet to come.
If global financial conditions improve, retail investors could feel comfortable increasing their Bitcoin exposure again.
The market tells us that while retail participation is up, it is far from the participation we saw in previous bull runs. Based on investor sentiment, another surge is possible, but external factors lead to that potential.
Currently, the BTC price is trading in bullish sentiment, with Bitcoin exchanging hands at $65,221.83, a price increase of 4.18%, according to CoinMarketCap data.
Moreover, the increase in BTC trading volume, which has recorded a rise of 111.19%, strengthens the bullish sentiment, suggesting that the current bullish sentiment might continue in the hours ahead.
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