Despite this, new research suggests that the retail crowd, which is a key driver of market growth, has yet to fully enter the market. According to CryptoQuant's analysis, the current market cycle has not yet reached its peak euphoria stage, which is characterized by the dominance of coins held for less than three months. This suggests that the market is still in a relatively early stage, and that there is still potential for significant growth.

In previous market cycles, the peak euphoria stage was marked by a high level of speculation and a significant increase in the price of Bitcoin. However, the current market cycle has not yet reached this stage, and the price of Bitcoin has been stuck below $70,000 for some time. This suggests that the market is still in a relatively early stage, and that there is still potential for significant growth.

Despite the current stagnation, there are signs that the retail crowd is starting to take an interest in Bitcoin. The number of addresses holding at least $10 worth of Bitcoin has reached a new all-time high, and online search trends for Bitcoin remain elevated. This suggests that there is still significant interest in Bitcoin, and that the market has the potential to grow further.

The growth of the Bitcoin market is also being driven by the increasing popularity of spot Bitcoin exchange-traded funds (ETFs). These funds allow investors to buy and sell Bitcoin on traditional stock exchanges, and have been attracting a lot of attention from institutional investors. The growth of these funds has been driving up the price of Bitcoin, and has the potential to continue doing so in the future.

In addition to the growth of spot Bitcoin ETFs, the increasing popularity of decentralized finance (DeFi) platforms is also driving up the price of Bitcoin. These platforms allow users to lend, borrow, and trade cryptocurrencies in a decentralized manner, and have been attracting a lot of attention from investors. The growth of these platforms has been driving up the price of Bitcoin, and has the potential to continue doing so in the future.

Overall, while the Bitcoin market is currently in a state of flux, there are still signs of significant growth and potential for further increases in the price of Bitcoin ⁵. The increasing popularity of spot Bitcoin ETFs and DeFi platforms, as well as the growing interest from institutional investors, all suggest that the market has the potential to continue growing in the future.