The cryptocurrency market has been making headlines for the past couple of weeks. As usual in the negative, with the market footing double-digit losses over the past couple of weeks. Bitcoin in the last two weeks has lost over 75% of its all-time high value and also fell below the $4,000 USD support line that was established for it when the plunge began.
If you think Bitcoin had it bad, you should look at the other altcoins in the market. All facing similar or more drastic losses in the past couple of weeks. Ethereum hit its all-time low and even got superseded by Ripple in terms of market capitalisation. But that was only to be expected, because when Bitcoin goes down, the altcoins go down further.
But over the past twenty-four hours, Bitcoin has shown some signs of reprieve. The Bitcoin value is up by almost 9% and is currently trading above the new support line that was established over the last week. And along with Bitcoin, all the altcoins too are seeing gains in the market of a similar number.
With Bitcoin and the cryptocurrency market so much in the news and papers, it is normal for people to get curious. Keeping that in mind, Google searches for “Bitcoin” and phrases that include “Bitcoin” have hit an all-time high. The last time Google saw such a large volume interested in Bitcoin was in December last year when Bitcoin hit its all-time high.
The interest in Bitcoin, from Google’s search engine perspectives, has not been this high since April this year. When Bitcoin was still on a relatively strong position in the market.
There has also been a long-time belief that the amount of interest in the market and the market performance are related to each other. It is said that when there is a large amount of interest in the cryptocurrency market, there is going to be a lot of speculation regarding the same and is of no financial gain for the investor. And when the search and interest volumes are low, there is great financial opportunity for the investors in the market.
It is also said that when the interest in the cryptocurrency market is high, there is a lot room for speculation and scam as most people who have to Google Bitcoin know nothing of it and may plan to enter the market. The fact that interest levels are so high at the moment, indicates that Bitcoin speculations are on a high.
Now with Bitcoin again making gains, there is little optimism in the community because this bear market is far from over. There is still quite a long time to go, according to analysts and eminent community members, before the market makes a recovery. Bitcoin has hit a 13-month long low and has breached the $4,000 USD barrier too. But right now, with the market making slight gains, Bitcoin is trading at $4,366 USD.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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