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

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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.

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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

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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