Consumer interest in Bitcoin and cryptocurrencies is still far from the level of 2017
30.12.2020

Consumer interest in Bitcoin and cryptocurrencies is still far from the level of 2017

By bit.team

Despite the sharp rise in the price of Bitcoin, which reached $ 28,422 two days ago, consumer interest in BTC and cryptocurrencies is still far from the euphoric levels of 2017.

Investment interest and psychological price threshold

One would think that the return of the value of the PTS is higher than $ 20,000. it will again arouse the interest of consumers, but this event has not yet happened, says the analytical company Skew.

On Twitter, Skew posted some interesting charts showing the current level of consumer interest in Bitcoin, despite the recent price increase.

A chart that shows that there is still a lot of margin before returning to the levels of 2017, when the price of the Cue Ball broke records, mainly due to purchases by individuals.

A very different cryptocurrency market was at the end of 2020, when institutional investors pushed the value of BTC by investing billions of dollars.

The chart shows the level of consumer interest in Bitcoin and cryptocurrencies with reference to Google Trends.

We see that the level of personal interest is four times lower than during the last bullish wave of Bitcoin.

Individuals who are surely waiting for Bitcoin to reach a certain price point before showing significant renewed interest in BTC and cryptocurrencies.

The level of cost is unknown and very psychological. It can be $ 30,000, $ 50,000, the future will show what the price of Bitcoin will be, which will again cause a large influx of people who will want to buy the BTC en masse.

Currently, we can see this humorous image going around on Twitter showing interest in BTC, which will eventually cause people to come back to buy BTC like in 2017.

For many people, Bitcoin is too expensive, they often prefer to invest in a cheaper cryptocurrency, expecting it to reach such heights as Bitcoin.

Some people want to own the whole Bitcoin, and don’t want to own just a part of it.

Therefore, the altcoin market is largely dependent on people’s interest in cryptocurrencies, which is therefore still very low compared to 2017.

Institutional Investors turn to Bitcoin

As for the arrival of institutional investors, Skew publishes a chart showing the change in interest in BTC, which is now being compared to gold as an alternative investment.

The graph below shows the amounts invested by the Grayscale fund over the past few years, an amount that now stands at more than $ 10 billion in BTC and cryptocurrencies such as Ethereum or Litecoin.

Thus, the cryptocurrency market in 2020 is very different from the market in 2017, with the arrival of these institutional investors.

US bank JPMorgan estimates the demand from institutional investors for Bitcoin at $ 600 billion.

Consequently, there should be a massive return of people in 2021 once the psychological price of BTC is reached.

It only remains to wait for Bitcoin to rise enough to trigger this signal, which will subsequently lead to a new Bitcoin high in the coming months.