The cryptocurrency market is on a roll as Bitcoin bulls hit a seven-month high. The cryptocurrency is approaching a record price, and several breakouts above $110,000 have fueled investor optimism.
Social Media and Crypto Analytics
There are 2.12 positive comments for every negative one on social media, the highest since November. This increase in positive comments indicates a significant improvement in the overall sentiment in the community.
Bitcoin’s price growth is not only due to private investment, but also to active institutional and government adoption of the cryptocurrency. This creates favorable conditions for further market development.
Positive Shift in Retail Trading
While institutional interest in Bitcoin still prevails over retail, there is a positive shift in retail investor sentiment. Santiment data shows positive feedback has increased, with 504.54 positive feedback versus 237.71 negative feedback. This could provide additional incentive for Bitcoin to rise.
Bitcoin Market Sentiment
The current gains have been driven by several price increases to $110,000. Even though Bitcoin is currently trading at $108,635, down 3% from its all-time high, the overall sentiment remains bullish.
Crypto Fear & Greed Index Data
According to the Crypto Fear & Greed Index, current market sentiment is rated at 71 out of 100, in the “greed” zone. This is down from 94 in November, but still shows a fairly high level of optimism among investors.
Google Trends Data
Google search interest for “Bitcoin” has not yet returned to previous levels. The current score is 32 out of 100 compared to November and 19 compared to the end of 2017. However, even this level of interest shows that Bitcoin remains in the spotlight among investors and the general public.
