There is no doubt that 2018 has been a tough year for Bitcoin and the rest of the cryptocurrencies. As the price slump continues to take a toll on the price value of various virtual currencies, a research report that was done on Google Trends has disclosed that there is a growing percentage of the general public losing interest in digital assets, including Bitcoin.
Specifically, the researchers made headways that searches for the two top virtual currencies in the crypto market, Bitcoin and Ethereum, has witnessed sharp depreciation in recent months. As per the findings of the research, fewer people are showing interest in searching the word Bitcoin on Google than at any time for about a year. Information gathered from Google Trends indicate that Bitcoin’s search term is advancing towards historic low levels of popularity never seen since May 2017.
This comes as a surprise as the market has been flooded by constant streams of price analysis articles that claim Bitcoin fortunes are going to skyrocket to a million dollars at any time while the endless cries to decentralization have been on an all-time high. What the findings of the study done on Google Trend tell us is that the interest in virtual currencies has gone down massively over the past few months.
According to the research findings, Bitcoin searches have depreciated by more than 60 percent since the beginning of 2018, marking their lowest level in recent history. The Google stats story stand to be the same for the second largest virtual currency after Bitcoin in the crypto market, Ethereum.
People are not only searching less for Bitcoin, but they are also venturing less into the trade of cryptocurrency assets. As it was reported in August by many reputed media sources, the graphics-card producer, Nvidia, established that the sale of its cryptocurrency-dedicated graphics card had depreciated from its initial price of 289 million US dollars in Q1 of 2018 to 18 million US dollars in Q2.
Trade volumes have also devalued sharply since the peak milestone that was experienced in the first weeks of January this year. During the early days of January, the market capitalization of the entire cryptocurrency market was equal to just over 835 billion US dollars. Today, the story is different as the whole market cap of the crypto market currently stands at about 210 billion US dollars, an estimated decline of 75%.
Exchanges have not been left behind in the dismal crypto performances recording precipitous declines in trade volumes. For instance, trading on one of the largest and most significant crypto exchanges in the world, Coinbase, recorded alarming trade declines of 83% since January 2018.
Is this the beginning of the end for Bitcoin and cryptocurrencies in general?
There seem to be two ways of looking at the current situation. Pessimists might want to convince us that virtual currencies are set to fall further and fade into obscurity to never come back again. On the other hand, it might be prudent to look at the situation as a stumbling phase for Bitcoin as well as other cryptos following an extended wild-west period of exchange. The virtual currency market is coming into its own.
During the last weeks of 2017 and early 2018, the market witnessed huge price surges in the cryptocurrency market being driven by people trading under the deception of the greater fool theory. Many people invested in cryptos thinking people would continue to purchase after them, driving up the prices and facilitating them to sell.
Up until February, the greater fool theory strategy might have worked. As Bitcoin has been reasonably constant since then, individuals trading using the argument of the greater fool theory would have been either less or totally uninterested in trading.
Although the get rich quick mentality exists in many people who venture into cryptocurrency still lingers on, it has far less than it was 12 months ago and that is a good thing as both the crypto-king Bitcoin and market will only attract individuals and traders who are in it for the long haul.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Geralt/Pixabay
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…