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ALERT! Bitcoin searches in Google hit the lowest point since may 2017

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Bitcoin

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.

https://twitter.com/TuurDemeester/status/1055313087975358464

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.

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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

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

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.

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…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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