Although Bitcoin and the aggregated crypto markets have been facing a bout of significant volatility over the past few days, while zooming out and looking at its long-term performance, it is clear that BTC is still in a firm uptrend throughout the course of 2019.
Now, one prominent figure within the crypto industry is noting that retail investors – through the use of leveraged positions – have been the driving force behind the recent Bitcoin rally.
Retail Investors, Not Institutions, Have Driven the 2019 Bitcoin Rally
Throughout the course of 2019, Bitcoin has skyrocketed from lows of $3,400 to highs of $13,800, from which point it has faced a significant correction that has brought its price down to its current position within the $11,000 region.
This massive surge was driven by a sudden influx of funding into BTC, and many analysts had speculated that institutional investors – through recently released investment platforms like the one offered by Fidelity – were driving this rally.
Despite this, Zhao Changpeng, the CEO and founder of Binance, explained in a recent interview with Bloomberg that the crypto markets and Bitcoin have not seen too many institutions begin investing, despite all the hype.