Retail Investors Show Tepid Interest in Cryptocurrencies

Despite significant gains in Bitcoin and other cryptocurrencies in recent months, retail investors remain skeptical of the “hype.” This was stated by Joe Vezzani, CEO of the analytics firm LunarCrush, as reported by Cointelegraph.

According to him, compared to the previous bull market, social interactions and overall retail interest are “still quite low.”

In the past six months, mentions of the leading cryptocurrency saw a surge in activity in January and March.

Retail investor interest may have been sparked by the approval of spot Bitcoin ETFs by the SEC in January and the digital gold reaching a historic high in March.

According to LunarCrush, social mentions of Ethereum have remained relatively stable over the past six months. However, interest in the second-largest cryptocurrency by market capitalization has declined since early March.

Vezzani expressed doubt that the upcoming Bitcoin halving will attract retail investors. According to him, such an event is “usually perceived more as an insider’s affair.”

“Bitcoin is already a complex challenge for newcomers, and when we introduce concepts like halving, we risk alienating the public and reducing their interest in this discourse,” explained the CEO of LunarCrush.

According to Ripple CEO Brad Garlinghouse, the cryptocurrency market capitalization will double in 2024, exceeding $5 trillion.

Earlier, Mark Yusko, head of Morgan Creek Capital, predicted Bitcoin’s rise to $150,000 by the end of the year.