The beginning of the year was very positive for Bitcoin and the entire cryptocurrency market as BTC crossed $24,000 for the first time since August 2022.
It came after a months-long bear market and unusual price stability at the end of last year when the asset stood helplessly below $17,000. However, it was somewhat expected that the price hike caught the attention of retailers.
dealer back to it
2022 turned out to be one of the worst years for bitcoin in terms of price movement, as the asset eventually lost nearly 65% of its USD value by the end of this year. There were several reasons behind this massive decline. Some of them included macroeconomic issues, such as accelerating inflation, but also the industry collapse of former giants like Terra and FTX hurt all participants.
Bitcoin had sunk below $17,000 at the end of 2022, and the first week of 2023 saw it unable to conquer that level. But it finally happened on January 9th and BTC never looked back. On the contrary, it rose to around $23,000 at the end of January, its best month in more than a year.
Perhaps the most significant moment after breaking $17,000 came when bitcoin jumped above its 2017 ATH of $20,000. This psychological line was also the point at which retail investors decided to re-enter the space, at least according to research firm Santiment.
Her most recent tweet read that addresses up to 0.1 BTC were cut off in 2022 but increased in number during the rally, increasing by 620,000.
There were ~620,000 little ones # Bitcoin titles that have appeared on the net since then #fomo He returned on January 13 when he won back the $20,000 prize. This is 0.1 BTC dollars Or fewer titles grew slowly in 2022, but 2023 shows the return of traders’ optimism. https://t.co/CUAS0nV23x pic.twitter.com/wo8NBDNXs3
Saniment (@santimentfeed) February 6, 2023
Greed is back in town
Another natural development that followed the price hike was the change in the fear and greed index. The metric, which shows investors’ general sentiment towards the underlying cryptocurrency, recently entered greed territory for the first time in ten months, as encrypted potatoes mentioned.
The index remained there for the next few weeks and even came close to being very greedy a couple of days ago when it reached 61 (out of 100).
Post-FOMO comeback? 620,000 retail bitcoin addresses created since the $20,000 BTC redemption first appeared on CryptoPotato.