Bitcoin and crypto market has been crashing hard having lost more than $700 billion from the total market cap. However, people are still interested in knowing about Bitcoin as per the Google searching trends of this year.
People Still Wanna Know “What is Bitcoin”
Bitcoin and crypto market crashed and crashed hard it did. From about $6,500 in mid-November, the market has lost billions of dollars.
The leading cryptocurrency has been trading at 83 percent discount at $3,400 since its peak at about $20,000. Meanwhile, altcoins are doing far worst, having lost 85 to 95 percent of their value from their all-time highs (ATH).
The current status of the top cryptos where the stable coin Tether (USDT) is among the top 5 cryptocurrencies is depicted in the below given graph.
This crash in crypto prices has wiped out more than $700 billion from the total market cap.
However, despite the crypto market tanking, people are still interested in knowing what exactly is the top cryptocurrency. In the Google Trends of 2018, “What is Bitcoin” has been the top trending search in the US and UK.
Also, the users have also been unperturbed by the price crash as according to the latest report, the users have been entering by millions in the crypto market.
This explains the reason why Bitcoin millionaires Winklevoss brothers doesn’t seem to be affected as Tyler Winklevoss says, “We’re totally at home in winter.” He further adds,
“We’re in this for the long haul. We think it’s a space that’s here to stay.”
While Cameron Winklevoss says, “It gives us time to build internally, and refine and kind of catch our breath.”
Recently, Wall Street advisor, Eric Edelman who has recently entered the crypto market via Bitwise asset management recently shared in his interview that many are still oblivious or in denial about cryptocurrencies.
According to him, cryptos are an alternative asset class that is becoming important due to “increased movement toward passive investing.” He also believes Bitcoin ETF will be eventually allowed by SEC which is the basic factor preventing the financial advisors from recommending it to their clients.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.