{"id":140704,"date":"2020-08-01T07:44:23","date_gmt":"2020-08-01T06:44:23","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=140704"},"modified":"2026-04-25T20:02:18","modified_gmt":"2026-04-25T19:02:18","slug":"bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued\/","title":{"rendered":"Bitcoin breaks $11,500 as sentiment metrics show it\u2019s still undervalued"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The DeFi-induced bullrun has arguably pushed the crypto market upwards the past week, with <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>, and other <a href=\"https:\/\/cryptoslate.com\/coins\/\">major cryptocurrencies<\/a> giving gains of over 10-15 percent to investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data feeds from one quantitative on-chain data provider prove the above, with sentiment metrics, in particular, paving the path for even higher prices.<\/span><\/p>\n<h2><b>Bitcoin public sentiment increases<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Data on <a href=\"https:\/\/cryptoslate.com\/companies\/the-tie\/\">The TIE<\/a> \u2014 a provider of alternative data for digital assets that quantifies investor perceptions on hundreds of digital assets \u2014 shows Bitcoin is showing bullish action in both short- and mid-term trades.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The chart below maps the \u201clong-term sentiment score\u201d with Bitcoin\u2019s price, showing the latter has just begun to catch up with the public perception of the pioneering digital asset:<\/span><\/p>\n<figure id=\"attachment_140705\" aria-describedby=\"caption-attachment-140705\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-140705 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-scaled.jpeg\" alt=\"Bitcoin Long Term Sentiment Score vs. Price\" width=\"2560\" height=\"1244\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-scaled.jpeg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-300x146.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-1024x498.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-768x373.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-1536x747.jpeg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/long-term-sentiment-scor-2-2048x996.jpeg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption id=\"caption-attachment-140705\" class=\"wp-caption-text\">Long Term Sentiment Score vs. Price (Source: The TIE)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Sentiment remained stable even when Bitcoin suffered the infamous \u201cBlack Thursday\u201d 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just going by the data alone \u2014 Bitcoin has still not converged with the long-term public sentiment. A \u201cgap\u201d still remains, showing BTC is undervalued according to this particular metric.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, another chart shows the Twitter-verse is starting to be less concerned about Bitcoin\u2019s price. Tweet dominance is just 42 percent even as prices go up. This can be attributed to the rise of Ethereum, <a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\">DeFi<\/a>, and DEX-based altcoins in recent weeks \u2014 with the trio featuring massive retail interest after some tokens surged 1000x in a few days.<\/span><\/p>\n<figure id=\"attachment_140706\" aria-describedby=\"caption-attachment-140706\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-140706 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-scaled.jpeg\" alt=\"Bitcoin Tweet Dominance\" width=\"2560\" height=\"1244\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-scaled.jpeg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-300x146.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-1024x498.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-768x373.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-1536x747.jpeg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/tweet-dominance-vs-price-2048x996.jpeg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption id=\"caption-attachment-140706\" class=\"wp-caption-text\">Bitcoin Tweet Dominance (Source: The TIE)<\/figcaption><\/figure>\n<h2><b>U.S. high-income earners pile into crypto<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The sentiment metrics followed yesterday\u2019s report of American high-income earners, and millennials, being among the most prolific buyers of large-cap cryptocurrencies in the U.S.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As CryptoSlate <\/span><strong><a href=\"https:\/\/cryptoslate.com\/heres-who-bought-67-billion-worth-of-bitcoin-crypto-in-america-in-2020\/\">reported<\/a><\/strong><span style=\"font-weight: 400;\">, U.S. citizens purchased a massive $67 billion worth of cryptocurrencies in the first six months of 2020 alone. The numbers mean an average crypto purchase of $4,000 per person. However, the figure is still lesser than last year\u2019s $111 billion, or $7,000 per person.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The U.S. also leads in crypto adoption. The survey said that among the top-ten countries, America had a 15 percent penetration of digital asset investment and awareness as of 2019. The leaders are, rather unsurprisingly, developing markets like Turkey and Brazil as citizens look to cryptocurrencies as a better store-of-value compared to traditional finance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Firms like Coin Metrics, a crypto markets data and investment provider, say that if these growth rates are maintained, Bitcoin will exceed even the U.S. bond market:<\/span><\/p>\n<blockquote><p><b>\u201cBitcoin\u2019s current daily volume would need \u201cfewer than 4 years of growth to exceed the daily volume of all US equities and fewer than 5 years to exceed the daily volume of all US bonds.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">With the high sentiment and adoption rates; the data shows a two-year-long bear market might just be ending soon.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":140709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,120,35372,15323],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin breaks $11,500 as sentiment metrics show it\u2019s still undervalued<\/title>\n<meta name=\"description\" content=\"The DeFi-induced bullrun has arguably pushed the crypto market upwards the past week, with Bitcoin sentiment showing a bullish sign.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin breaks $11,500 as sentiment metrics show it\u2019s still undervalued\" \/>\n<meta property=\"og:description\" content=\"The DeFi-induced bullrun has arguably pushed the crypto market upwards the past week, with Bitcoin sentiment showing a bullish sign.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-01T06:44:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-25T19:02:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/bitcoin-sparks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/140704"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=140704"}],"version-history":[{"count":8,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/140704\/revisions"}],"predecessor-version":[{"id":532384,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/140704\/revisions\/532384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/140709"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=140704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=140704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=140704"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=140704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}