Following bitcoin’s mind blowing performance and expanded media scope amid 2017, there is most likely that bitcoin has seen increased user appropriation. Estimates in regards to the size of bitcoin’s development vary because of the unknown idea of bitcoins exchanges; however, the internet searcher movement for terms, for example, ‘bitcoin’ are generally observed as a dependable pointer of the development in bitcoin’s user adoption. The most recent figures made available by Google indicate an increase in searches for prominent keywords relating to bitcoin of many hundreds of percent when comparing data from 2016 and 2017, whilst bitcoin became the ninth most visited page on Wikipedia during last year – indicating a significant increase in bitcoin user adoption.
In 2017 Bitcoin’s page was the Ninth Most Visited page
As indicated by Wikipedia’s yearly report the 50 most visited pages on the site, bitcoin positioned ninth for 2017. The report portrays bitcoin as“ the much-hyped ‘future of money’”, including that the world’s first cryptographic money ““has turned into the most speculative intangible asset of all time.” The report expresses that the page was visited 15,026,561 times amid 2017.
Traffic for bitcoin’s Wikipedia page crested on the 8th of December – when BTC encountered an dramatic retracement of around 20%, tumbling from the then unequaled high of $17,171 USD on Bitfinex, before skipping off the approximately $14,000 zone. Regardless of bitcoin’s fleeting value execution amid 2017, the Wikipedia report perceives some of bitcoin’s weaknesses that developed amid the year – expressing that bitcoin “proved absolutely unsatisfactory as a methods for payment” because of the discussion encompassing the scaling issues that have tormented BTC consistently.
Bitcoin’s search on Google Reach Record Highs
The volume of Google searches led for noticeable catchphrases relating to bitcoin has also created emotional development – with the most recent information from Google showing that various real watchword groupings got between one million and ten million inquiries every month all things considered amid 2017. The information demonstrates that month to month searches identifying with the watchwords ‘bitcoin cost’ saw an expansion of more than 1,000% all things considered amid January 2017 to December 2017 when contrasted and information from the earlier year, while seeks relating to ‘bitcoin outline’ expanded by 934%, and scans for ‘bitcoin USD’ expanded by over 800%. Google appraises that each of the previously mentioned catchphrase groupings got in the vicinity of 1 and 10 million searchs all things considered every month during 2017 – a huge increment contrasted with the 100,000 and 1,000,000 month to month seeks Google gauges were directed every month in 2016.
A large number of dominant keyword groupings relating to bitcoin received between 100,000 and 1,000,000 searches every month last year. Among those that witnessed the highest growth when compared with 2016 were ‘current bitcoin’ – for which searches increased by 895.9%, ‘btc price’ – which increased by 828.5%, sell bitcoins , gaining in volume by 626.5%, bitcoin miner – up 590.6%, btc rate – up 510.4%, bitcoin calculator – up 471.2%, bitcoin rate – up 461.4%, buy bitcoin – up 273.5%, and bitcoin trading – up 170.9%. Searches for ‘earn bitcoin’ increased by 74.6%. Several notable keywords also grew to receive between 10,000 and 100,000 searches last year, including ‘bitcoin market’ – which increased in search volume by 900%, ‘btc chart’ – searches for which grew by 826.2%, ‘currency bitcoin’ – with searches increasing by 826.1%, ‘purchase bitcoin’ – which increased by 752.5%, and ‘bitcoin account’ – increasing by 291.2%.
Inquisitively, a portion of the best keywords groupings that delivered minimal growth in 2017 included ‘bitcoin mining’ – searchs for which grew by 33.6%, ‘bitcoin trade’ – which developed by 17.5%, and ‘bitcoin wallet’ – which saw a small increment in look movement of just 0.9%.
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
Crypto trading volumes are dropping
Volumes in crypto market are dropping, indicating an alarming situation. Crypto market started this year on a good note but later on crashed to low levels, apart from Ethereum, all other major crypto currencies are down for 2018, but one of the most alarming situations in this matter is that trading volumes on different exchanges are dropping to lowest levels in recent months.
For example, on Bitfinex current trading volume of Bitcoin is at around 25000 which at one point of time was as high as 160000 , which means this volume is not even 20% of its peak volume. Similarly in the case of Ripple, current trading volume is 8 Million which at one point of time was 50 million, so there is an alarming situation in that regards because not only price is dropping but crypto trading volume is also dropping dramatically.
Lack of interest?
One of the key questions that analysts are asking these days is that, is it lack of interest from investors that volumes are so low? may be they have found new investment opportunity in the form of S&P 500 and Gold. Most of the analyst think that this low activity is due to the reason that market speculators are currently out of the market and in wait and watch situation to make an entry point.
Calm before the storm?
Such low volumes and price movement in a tight range suggest that this is the calm before the storm, many regulatory authorities around the world are trying to stop crypto trading by either putting complete ban or by introducing tight laws, so speculators and institutional investors are just waiting for a clear picture so that they can make their bet on it, but one thing is for sure that sooner or later market is due for heavy movement in either direction, so day traders need to watch out.
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