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%.
6K support loosing strength
$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top
Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.
Take a Look at the one week chart of Bitcoin at Bitfinex
According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.
Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin to rebound or reach All-Time-High levels in near future.
$6000 support history
$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.
Crypto Market cap reached $275 billion
Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.
Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.
$7000 is a key level for Bitcoin
$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.
Switzerland merging Cryptocurrencies with conventional banking
Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .
Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.
Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.
He said: “We hope to clarify relationships by the end of the year at the latest.
“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
Blockchain becoming the global phenomenon
The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.
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