Bitcoin, the cryptocurrency with the highest market value, broke through US$20,000 this Monday and has been oscillating around US$23,000 in recent days. However, multiple indicators show that retail investors have not yet entered the market on a large scale and the price of Bitcoin has not yet reached its peak.
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Although in the eyes of those who follow the crypto market, Bitcoin's price trend is the center of social networks in 2020, statistics show that this is not the case. According to the analysis resource TheTIE data, the popularity of Bitcoin on Twitter only reached the level of January 2018, when Bitcoin had just fallen from its peak at the end of 2017.
Although the popularity of Bitcoin on Twitter is roughly in sync with the price of Bitcoin, the data shows that Bitcoin has not yet entered the mainstream of the mainstream crowd, and ordinary consumers will only see negative headlines about the Bitcoin price bubble and criminal conspiracy.
Judging from the popularity of Bitcoin on Wikipedia, this theory is valid. In December 2020, the number of page views of this page only increased slightly, which was still an order of magnitude lower than that in January 2018.
Another important indicator comes from the search trend of Bitcoin on the search engine Google, which reflects the exposure of Bitcoin among global online users. The data shows that the popularity of "Bitcoin" this week is even lower than that of early December or even November.
The search effect brought by the Bitcoin block reward halving in May this year is higher than that of Bitcoin's record high this week, which shows that mainstream consumers have not participated in the recent Bitcoin price surge.
These data verify that the bull market at the end of this year was driven by institutions, especially under the influence of companies such as MicroStrategy, Square, and MassMutual investing in bitcoin to hedge against inflation. More and more institutions are using bitcoin as a depository Value asset.
