Bitcoin price rally in the last couple of days has also ticked up its search frequency on google. Mati Greenspan is a senior market analyst at eToro, one of the leading social trading platform has confirmed the news, but cleared that the current Google search frequency is nowhere near the 2017 price rise.
2018 was a major disappointment for most of the people associated with the cryptocurrency space, as the bearish market trends not just slashed the crypto trade market valuation by 80% for the major cryptocurrencies, but also wiped our many new crypto tokens, who were not able to survive the crypto winter.
Apart from the investors, even the mining industry was severely cut down since the low prices did not leave any profit margins, making many individual miners to sell their mining rigs at dirt cheap prices. In places like China, which is considered to be a mining hub, miners were forced to sell off their mining rigs in weight.
Cryptocurrency Trading Volume Peaks New Highs
The recent rally in the Bitcoin and other altcoin prices has finally seen an upward movement after almost 6 months. The current trading volumes of major cryptocurrencies are higher than April 2018.
One of the interesting point to note here is, Bitcoin usage has been on the rise steadily even during the bearish market. This is a great sign not just for the Bitcoin investors but even the critiques who are finally eating their own words and joining the crypto bandwagon.(YES! I am talking about JP Morgan)
The phenomenal rise in Bitcoin acceptance is a clear indication of the future and how Bitcoin is going to dominate the financial world in near future.
Emerging Markets The Biggest Bitcoin Adopters
Remember the 2017 phase after the all-time price rise, almost everyone wanted a share of the Bitcoin pie and even those who had nothing to do with the blockchain space purposely added Blockchain in their names to see their valuation go up by many folds.
The 2018 dip might have discouraged many new and upcoming startups to wait, but those who did dive in the crypto game have been the biggest Bitcoin adopters. Apart from the companies, many developing nations troubled by their declining currency value decided to adopt Bitcoin and the most prominent name is Venezuela.
To give you a perspective of the impact of Bitcoin adoption by emerging markets and nation, take Venezuela into consideration. The volume of trading on their LocalBitcoins exchange was 157x time greater than the country’s largest stock exchange.