$11,620.61 -1.12%
BTC · 1w

Bitcoin breaks $11,500 as sentiment metrics show it’s still undervalued

The DeFi-induced bullrun has arguably pushed the crypto market upwards the past week, with Bitcoin, Ethereum, and other major cryptocurrencies giving gains of over 10-15 percent to investors.

Data feeds from one quantitative on-chain data provider prove the above, with sentiment metrics, in particular, paving the path for even higher prices.

Bitcoin public sentiment increases

Data on The TIE — a provider of alternative data for digital assets that quantifies investor perceptions on hundreds of digital assets — shows Bitcoin is showing bullish action in both short- and mid-term trades.

The chart below maps the “long-term sentiment score” with Bitcoin’s price, showing the latter has just begun to catch up with the public perception of the pioneering digital asset:

Long Term Sentiment Score vs. Price (Source: The TIE)

Sentiment remained stable even when Bitcoin suffered the infamous “Black Thursday” event in March when prices fell by over 45 percent over two trading sessions. However, public perception stably grew since, with prices catching on to reflect the metric.

Just going by the data alone — Bitcoin has still not converged with the long-term public sentiment. A “gap” still remains, showing BTC is undervalued according to this particular metric.

Meanwhile, another chart shows the Twitter-verse is starting to be less concerned about Bitcoin’s price. Tweet dominance is just 42 percent even as prices go up. This can be attributed to the rise of Ethereum, DeFi, and DEX-based altcoins in recent weeks — with the trio featuring massive retail interest after some tokens surged 1000x in a few days.

Bitcoin Tweet Dominance (Source: The TIE) U.S. high-income earners pile into crypto

The sentiment metrics followed yesterday’s report of American high-income earners, and millennials, being among the most prolific buyers of large-cap cryptocurrencies in the U.S.

As CryptoSlate reported, U.S. citizens purchased a massiv...

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