As per Reuters’ analysis of the most recent survey of the Bank of America (BofA), Bitcoin (BTC) is once again at the very top of positive investor sentiment – overtaking “long tech” as the most-crowded trade today. Notably, this is the first time ‘long tech’ has been toppled from the number one spot in the particular fund manager poll in two years. The most recent to ever do so was Bitcoin as well.
Reuters states that the BofA survey is substantial evidence of the crypto’s ever-growing popularity as a viable and enticing investment asset. The survey respondents certainly think so, as 36% of them identified Bitcoin as the one asset that sees the most capital influx today, thus, its position as the current most-crowded trade.
While Bitcoin has indeed made long strides this past weeks and months, notably rallying by more than 230% in the past quarter year, tech stocks’ recent significant decline in the market plays a huge factor as well to it surrendering the illustrious title. To give an example of tech stocks’ downturn struggles today, both Dow Jones and Nasdaq Composite’s basis points plummeted by 90 and 150, respectively, this past week.
At the moment of this writing, BTC’s price market value is only $4,000 shy away from once again hitting its all-time high of $40,000 it recorded earlier this month. Seeing as how the crypto is doing on several high-profile surveys, such as BofA’s, one can only assume that it would still be on the rise for the next few weeks at the very least.