At the time, BTC was trading about $5,300, a significant upsurge of more than 26% as compared to 48 hours before when it was changing hands at around $4,200.
So basically, most newbies or people not currently in crypto are only interested in buying bitcoin
after it surges in price? This is the same behavior we saw during the height of the bull run. People buying in for the first time at $15k+, then selling a few months later at an 80%+ loss, calling bitcoin a scam, and quitting. I wouldn't be at all surprised if at least some of the users who exhibited this exact behavior at in 2017/18, are now back again, buying in after a surge in price, and will sell again at a loss. If not them, then it seems there is a constant supply of other new users ready to buy in at the wrong time.
Still, at least it seems the majority are sticking to bitcoin this time instead of getting scammed by some useless altcoin.