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Interest in Bitcoin much lower than in 2017


According to a recent report by The Block Research, online activity for Bitcoin is much lower than it was at the end of 2017

In a survey conducted by The Block Research – Google searches, recent Twitter cryptocurrency followers and views on the Bitcoin Wikipedia page are well below the levels seen during the 2017 BTC bull run.

In addition, Bitcoin / USD trading volume is lower than in 2017, which may suggest that the mass adoption of Bitcoin is further away than some predicted.

While this can be a disappointing situation for some Bitcoin supporters, it can also mean that the biggest gains are yet to come.

Marginal buyers and sellers set the price in any market. In the case of the Bitcoin market and cryptocurrencies in general, the lack of attention shown by the recent report from The Block Research would indicate that Bitcoin is no longer in the bubble's territory.

Bitcoin may be on the verge of a big race

Bullish markets tend to end with high levels of public interest, exactly what happened in 2017, when BTC prices almost reached $ 20,000. Now, interest in Bitcoin is eight times less than in the week of 2017, when the token reached its highest price so far.

New Twitter followers for major exchanges like Binance are also much lower than they were in late 2017 and early 2018. Depending on the dates used for measurement, Twitter followers in similar exchanges are 50 times lower today .

In short, the recent report shows a huge drop in market participants for the cryptocurrency industry compared to the heady days of 2017. Larry Cermak, from The Block, said that while there are fewer participants, the cryptocurrency world has matured substantially in the past two years and there are now many institutional products available.

New tools for times of uncertainty

When Bitcoin prices peaked in late 2017, there were few tools to take advantage of blockchain, especially for people who need to use the global fiat currency system.

While media involvement with cryptocurrency may be less today than it was a few years ago, there is a robust development culture for Bitcoin, Ethereum and many other tokens. Major investors like Paul Tudor Jones have also asked for higher Bitcoin prices, and many have bought through direct investments or derivatives.

There is no way of knowing whether prices will rise from here, but the lack of interest in decentralized tokens is unlikely to signal the end of a bull run.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.