Bitcoin’s Rally Recalls The 2017 Surge, What Will Happen Next?
Bitcoin rally since May recalls the heady 2017 surge. But while prices are going crazy, the interest isn’t the same as 2 years ago.
Google searches for the word “Bitcoin” were five times higher in 2017. During that peak, nearly 19000 people logged into the Bitcoin subgroup of Reddit.
In 2017, the euphoria sparked a interest in all things blockchain.
Dozens of penny stocks branded themselves to include the term in their names and saw massice share-price gain.
Bitcoin futures were introduced and Wall Street veterans heralded it as the currency of the future.
“I think it is different,” said Will McDonough, chief executive officer of blockchain technology company Diginex Americas. “The rally of 2017 was to the net benefit to the whole ecosystem, it exposed more people to the asset class. [This time around], I think institutional investors, wealthy individuals, family offices -– they have very few vehicles through which to get exposure to blockchain, and the easiest for them is Bitcoin.”
There’s some good news to keep the bulls happy as well. Square announced Wednesday that customer can make Bitcoin deposits in its Cash App and Facebook Inc. announced its own cryprocurrency Libra.
Trading volume is currently 16 times lower than it was in its all-time peak according to Blockchain.com
Lower trade volumes, more stablecoins on the market, loss of interest by new traders could become a meaningful expression of a bullish market that could see on $30.000 dollars a new all-time peak.
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