Research firm Delphi Digital released a report saying that retail investors are again enthusiastic, and institutionalists see cryptocurrency with significant growth potential compared to traditional assets. This is reported by Forbes .
Experts emphasize that for the first time in two years the price of the first cryptocurrency has been growing for five months in a row. Among the significant positive factors, analysts point out the growth of search queries on Google for the word 'bitcoin' and the significant demand for Grayscale Bitcoin Investment Trust (GBTC) shares, indicating that institutionalists are interested in new assets.
At the same time, Delphi Digital is confident that the market is mainly driven by retail investors, not whales.
“The recent parabolic price movement reminded of the events of 2017. Although the former drama has not yet reigned in the mood , ”the report says.
BTC price correlation and query dynamics on Google for the word 'bitcoin'
Analysts did not make predictions about the price of Bitcoin, but noted that, historically, July is a good month for the first cryptocurrency. According to them, most often in mid-summer the market value of digital gold rose by 10%.
Earlier, eToro analyst Mati Greenspan discovered a growing correlation between Bitcoin and gold .
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