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Recently, the price of Bitcoin has surpassed a new high of $123,000, which should have been an exciting moment. However, the data from social media platforms tells a different story. On the day the price broke through, Twitter backend traffic did indeed peak, with a single-day reading volume reaching 2 million. But surprisingly, this surge did not last.
In the following week, we observed a continuous decline in traffic, with the current weekly traffic falling below 5 million. This phenomenon has sparked an interesting thought: market sentiment does not seem to rise with the increase in price.
Typically, a significant price increase in the cryptocurrency market triggers a 'fear of missing out' (FOMO) sentiment, leading more investors to flood into the market. However, the current market situation does not show such signs. On the contrary, what we see is a cautious and questioning attitude.
This sentiment is also reflected in the mindset of Ethereum (ETH) holders. Many may still be contemplating the best time to sell, rather than being inspired by the market's upswing. This hesitancy to act somewhat reflects market participants' uncertainty about the current price trends.
From a broader perspective, this phenomenon may suggest that the cryptocurrency market is maturing. Investors are no longer blindly following price fluctuations but are instead evaluating market conditions more rationally. This could be a positive sign indicating that market participants are becoming more mature and cautious.
However, this also reminds us that although prices are reaching new highs, market sentiment remains complex. Investors need to closely monitor not just price fluctuations, but also changes in overall market sentiment and participation. In this fast-changing cryptocurrency world, maintaining vigilance and rational analysis is more important than ever.