Bitcoin’s 2017 Style Bull Run Began, Data Shows
The crypto market looks bloody today, with most of the coins trading in the red. At the moment of writing this article, BTC is priced at $11,337.53.
As Cointelegraph noted, last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12.
Bitcoin 2017 bull run could happen once again
The online publication noted that this surge marked the best performing week for the king coin’s price since back in July – it’s been also revealed that data shows an important shift in the market sentiment around BTC.
The publication quotes data from TheTie, which is an alternative data provider for digital assets, and reveals that the daily sentiment score for Bitcoin has reached 62.4.
This metric measures the tone of conversations in Twitter to derive positive or negative sentiment in the market and any score above 50 implies that market sentiment is positive.
The online publication also noted that there are various on-chain metrics that also match the positive sentiment that was seen back in 2017.
Willy Woo has been brought up, and he stated this: “Investor activity” is predicated on on-chain volume. This is because when BTC moves between wallets between two different participants, we assume there was a payment for it off-chain (fiat or alt-coin). It’s an imperfect measure but approximates what’s going on.”
All the data suggests that BTC is on the verge of a similar bull run to the one in 2017.
The online publication also addressed the fact that a strong DeFi recovery is underway. But it’s best to head over to the original article and check out the complete details.
Bitcoin could reach a $1.3 billion market cap
In other news, there have been all kinds of bullish predictions about the price of Bitcoin, and now, Fidelity addresses one such scenario.
The trillion-dollar asset manager just explained how Bitcoin (BTC) could reach a $1.3 billion market cap.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.