Today I was wondering if this Bitcoin/Alts pump is mainly driven by the big companies such as Paypal, Square, Grayscale. I wanted to know if retail investors are coming in a rush to buy Bitcoin like what we witnessed in 2017.
From my point of view, retail investors are not the ones causing this rise in cryptocurrency prices. I've been looking for data that would give me a less subjective answer, here is what I found that could be relevant:
- Measuring the number of new Twitter followers of 2 of the major exchanges.
- Google searches worldwide for Bitcoin.
New weekly Twitter followers of Binance & Coinbase
From this chart it is really clear that we are far from the CRYPTO MANIA that we witnessed last 2017 bull run. The number of people following the exchanges has been increasing lately, however there is still more room for future growth of this indicator.
Nobody knows how big will be this bull run, but imagine if it is bigger than the last one. This kind of indicators will be good to see the evolution. Keep an eye on it!
Google searches worldwide for Bitcoin.
Another indicator that can help us see in which stage of the bull run we are currently is this one:
We are far from the TOP!