Bitcoin [BTC], the world’s largest cryptocurrency made a comeback after the cryptocurrency rose in value and market cap over the last month, thanks to a bull run that turned the entire market green. This upward trend also gave a boost to the peripheral Bitcoin ecosystem, putting a positive spin on certain characteristics.
A recent analysis showed that on a year-over-year account, Google Trends data proved ‘Bitcoin’ was trending at its highest point in over a year. The data further revealed that more people were searching for ‘Bitcoin’ and its related entities right now compared to the Bitcoin bubble back in 2013. The analysis also pointed out the stark difference in positive sentiment when the current scenario was placed side by side with the data from December 2017, when Bitcoin price reached its all-time high.
The search results were a testament to the emerging markets as the top 5 countries to search for the cryptocurrency were Nigeria, South Africa, Ghana, Singapore, and the Netherlands. The Netherlands has become a growing player in the Bitcoin industry as the country was also in the top 5 list for having one of the highest numbers of reachable Bitcoin nodes on the planet.
The growing search rate was not the only positive item in the Bitcoin ecosystem as an earlier Binance research had claimed that the world’s largest cryptocurrency had provided far higher returns over the years than most traditional assets. According to the Research:
“Despite its perceived riskiness, Bitcoin $BTC has provided far higher returns than most traditional assets over the past 2 years based on the following risk indicators/ratios.”
When compared to traditional assets like technology stocks and crude oil, Bitcoin was placed first in terms of 2-year returns. While Bitcoin provided a 306 percent yield on its investments, its biggest rival, gold, could only furnish 2 percent in terms of yields. Even without comparisons, the cryptocurrency has provided its holders with an increasing amount of returns on a yearly basis since its inception. The return rates have changed from 4 percent during the first year of Bitcoin’s existence to a whopping 144 percent during its seventh year.
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Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit
Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.
The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.
The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,
“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”
The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.
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