Bitcoin (BTC) FOMO Frenzy Returns as the Digital Asset Reclaims the $100,000 Level

Bitcoin (BTC) has gained over $4,000 in the last 48 hours and looks poised to appreciate more in its current breakout move. As BTC adoption soars

Bitcoin (BTC) has gained over $4,000 in the last 48 hours and looks poised to appreciate more in its current breakout move. As BTC adoption soars, the development has triggered a Fear of Missing Out (FOMO) wave on the cryptocurrency market.

Bitcoin FOMO frenzy returns

Santiment, a market intelligence platform, noted that 344,620 new wallets have been added to the blockchain since the surge in price began. This represents the number of new users that have created Bitcoin addresses as demand increases, looking to benefit from the gains.

Notably, as Bitcoin’s price surged, investors who previously stayed away from the market are now rushing in for possible swing trading profit-taking. This development generally fuels market activity and could drive prices up further.

The rush to own a slice of Bitcoin is understandable given that the digital asset has not appreciated to this level since January.

Remarkably, Bitcoin has not flipped the $100,000 psychological level since February, leading some market participants to believe the BTC price will go down.

However, the recent development has shocked many. As Santiment observed, “Crypto's top market cap asset has silenced bears, reaching a high of $103.8K for the first time since January.”

Bitcoin performance has defied all bearish predictions and invalidated short-term negative outlooks on the asset.

Market activity surges as confidence returns

At the time of writing, the Bitcoin price was exchanging hands at $103,361.05, representing a 3.54% increase in the last 24 hours.

Meanwhile, the FOMO has helped push trading volume up by a significant 34.15% to $72.99 billion, suggesting renewed confidence on the Bitcoin market.

The upsurge of Bitcoin price could also trigger selling pressure. Notably, if investors who bought the asset in January before it crashed decide to offload to minimize loss, this could affect its upward movement.

However, Changpeng Zhao, the former CEO of Binance, has advised holders not to panic sell, as the coin has prospects.

For his part, Billy Markus, the Dogecoin founder, remains unimpressed by BTC flipping $100,000. In a recent comment reported by U.Today, a price spike that would set another all-time high might meet his approval.