In the raging bear market, Bitcoin community has achieved 1 million subscribers on Reddit. Despite being 80 percent down from its peak, Bitcoin is registering good numbers as evident from the report stating $2 trillion worth of bitcoin being traded this year.
Defying the Bear Market
Bitcoin price might not be seeing much action but it is certainly garnering the attention even after dropping 80 percent from its peak at $4k.
Just Today, Bitcoin community on Reddit finally crossed the 1 million subscriber mark. The “community dedicated to Bitcoin, the currency of the Internet,” on Reddit is elated and celebrating this achievement.
At 127th rank, the exact subscribers count is 1,000,330 with over 5 posts per day and about 67 comments per day.
Tuur Demeester, the founder of Adamant Capital, took to Twitter to congratulate the Bitcoin community,
— Tuur Demeester (@TuurDemeester) December 3, 2018
Bitcoin as a search term is also rising for the past 1 month after remaining flat in 2018,
Source: Google Trends
Meanwhile, the Bitcoin price chart since 2013 has been,
Recently, Lightning Network, “a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants,” achieved 1 million network capacity with 4,289 nodes. With 320 percent increase, Lightning network is close to crossing 2 million BTC network capacity.
In this bear market, where there isn’t much to celebrate for the bitcoin community as prices even plunged below $3,500 a few days back, another sign of interest in bitcoin is $2 trillion worth of bitcoin being traded this year as reported by Satoshi Capital Research.
— Satoshi Capital Research (@chartingbitcoin) December 1, 2018
Bitcoin has seen a percentage change of 153 percent. And with Mastercard reporting a total transaction volume of $4.4 trillion in 2018 and about $12 billion worth of transaction per day, Bitcoin transaction data holds that much more significance.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.