Everyone is wondering if "retail money" has arrived yet. The truth is that it is very difficult to know but there are some metrics that can help us get an idea.
We can get one of them if we measure the level of followers that exchanges like Binance are gaining over time. Especially if we have past data and we compare it with the previous bull run of 2017.
There are some websites that provide this kind of data. For the aim of this analysis I am focusing in Social Blade, and the Binance exchange, which is one of the most used CEXes.
Monthly Gained followers since 2017
From this chart we can see that we are beggining the same trend we witnessed last 2017. This is time to be cautious.
Let's predict what the number of followers will be by 31th of January.
In 8 days they gained 35,000 followers, if we follow the same trend they will end with 135,000 followers more than December.
You can see the numbers here:
This is less than the half of what we saw last 2017.
In my opinion this peak will be at least as high as the one from last time, if not bigger.
So, now it will probably is still too early to sell.
Here you have another update from https://www.theblockcrypto.com
Note that they are considering more exchanges (Binance, Coinbase, CoinMarketCap and CoinGecko). In addition, take note that the chart is not updated with the full data from January as we have not finished the month.
I will keep an eye of this metric as I find it really interesting!
Stay safe! 😊