Investing.com – Barclays (LON:) says bitcoin and other cryptocurrencies are no longer generating the kind of speculative interest that drove them to record highs in late 2017, which probably means their peak has come and gone.
The firm says increased awareness of cryptocurrencies has taken them from the fringe to the mainstream, depressing the FOMO, or fear of missing out, factor that stoked prices.
As a result, the large drop in demand has left bitcoin holders over-supplied. depressing prices.
Barclays says bitcoin was able to recover from previous sharp downturns because awareness was low at those times and thus the pool of possible new buyers was high.
The firm estimates that overall awareness of bitcoin is 60% in the U.S. and about 90% in both South Korea and Japan.
has lost about 65% of its value since hitting a record high of more than $19,000 in mid-December.
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