Crypto market data: why Bitcoin on the rise

Posted 24 June, 2019

The main cryptocurrency updates multi-month tops every day. On June 23, BTC posted the annual record (Bitfinex) for the fourth day in a row. The previous high results were recorded at 9240 (June 20), 10,250 (June 21) and 11,232 (June 22).

The Google Trends data suggests that this year's Bitcoin price growth is due to the entry of institutional investors to the market, and not retail investors who buy cryptocurrency in order to sell more expensive.

The data is given in the form of an index from 0 to 100, showing the number of searches for the word "Bitcoin". Although the exact number of such requests is unknown, it is obvious that interest in Bitcoin has dropped significantly compared with 2017.

When the most popular cryptocurrency peaked at around $20,000 in December 2017, the index for Bitcoin was at around 100, but over the past year, it dropped to five, after which it began to grow again.

Note that the CryptoCompare data shows that in December last year, the price for bitcoin reached a minimum of $3,200. Since that time, it rebonded and tripled in three months.

It is believed that many retail investors have lost interest in cryptocurrencies due to the falling market, and those who invested money in Bitcoin during its peak are still in the red. The increase in the price for the main cryptocurrency in 2017 was partially caused by Fear of missing out (FoMO), as the cost increased significantly in a short period of time, and investors were afraid to miss the moment.

The growth of bitcoin, which is observed this year, was caused not by individual investors, but by institutional ones. The report of the analytical company showed that over the past nine months, bitcoin whales have accumulated 450,000 BTC. At the end of this year, it became known that the same crypto whales have been buying large amounts of cryptocurrency since the beginning of the year.

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24 June, 2019 16:20

← FATF releases tougher rules for crypto sector

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FATF releases tougher rules for crypto sector

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24 June, 2019 12:16

CDM pyramid founder can spend 20 years in prison: pled guilty →

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CDM pyramid founder can spend 20 years in prison: pled guilty
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