despite the fact that bitcoin is above the 17k level I do not see the very same enthusiasm that I saw during the bull run of 2017 and while this may seem to be contradictory this is a good thing because this means that the growth is mostly happening because smart investors are buying all the bitcoin that they can and not necessarily because the growth has captured the attention of the media and now every single person is trying to become the next bitcoin millionaire creating a bubble in the process.
Yes, the 2017 bull run was based on insane levels of ICO FOMO, and was never sustainable. Despite the losses during 2018, bitcoin has proved its resilience, and is attracting new interest - particularly among institutional players who are well aware of the deficiencies of fiat (which have been brought into stark focus as governments respond to the pandemic).
It
feels more sustainable this time. Let's hope it remains fairly bullish and doesn't become full-blown boom-and-bust FOMO again.