The price of Bitcoin has a 91% correlation to its volume of Google searches, according to a search engine marketing agency known as SEMrush.
Image credits: steemit
Basically, this means that the number of Google searches related to “Bitcoin value” fluctuate with the price of google Bitcoin. In simple words, when the price goes high, more people are attracted to it and as it begins to drop, people become less interested.
How was this study conducted?
SEMrush discovered from a database of 120 million US keyword searches that were linked to bitcoin. Some of them are listed below:
The total number of Bitcoin and Bitcoin search volume was said to be approximately around 51,400,000 last year.
Is the case study simply approving the obvious?
Perhaps. As mentioned earlier, the interest of people is dependent on the price. The higher the price, the more the number of searches online.
Regardless, it’s quite interesting to note this connection and to discover that the numbers actually support what we might be assuming.
image credits: steemit
Since April 2017, the number of bitcoin searches has climbed up by 450%. During this time, the value of bitcoin had gone up from around $1,076 to a new hit of $5,000 just a couple of weeks ago.
Will it Predict the Price of Bitcoin? – That is the Question
Unfortunately, no. That is not the case and it’s silly to think that a search engine would be easily able to predict the price of the world’s most popular cryptocurrency.
Story Credits: steemit
Finally, the cryptocurrency market has surpassed $400 billion in valuation after such a long correction and since 10th February, the market has been recovering really fast; however, it’s still not ready to instigate strong rallies.
At this time, all cryptocurrencies in the market have the market valuation of $418 billion as a whole, and the price of Ethereum has leaped over $840, whereas the price of bitcoin has hit $8,525. The price of native cryptocurrency of the Ethereum network “Ether” fell to $820 recently and is now following the same trend as bitcoin over the past few weeks.
Generally, we can say that the whole market has been following the trend of major cryptocurrencies, which includes both Bitcoin and Ethereum because in times of extreme instability, the cryptocurrencies that have huge market caps tend to work as stand-by currencies of the market.
In the past corrections, the cryptocurrency market recovered really fast because the casual investors and newcomers still had hope that the market would recover within a short period of time. This correction was quite different from the previous ones and the media also reported many stories that focused only on the investors who lost their money, rather than the positive developments within the cryptocurrency sector. South Korea continued to show sanguinity throughout 2017 however, it was still hit with a bear market recently due to the negative press.
As the cryptocurrency market has got negative press all around it, even with the fervent approach of regulators, as it’s been seen in US CFTC (Commodities and Futures Trading Commission) and US SEC (Securities and Exchange Commission) congress hearing, few more weeks will be still required for the market to recuperate and the major cryptocurrencies like Ripple, Ethereum, and Bitcoin to regain their absolute thresholds at $10,000, $1,000, $1 individually.
Market Will Soon Bounce Back:
According to the CEO of Pantera Capital, Dan Morehead, within few weeks, the cryptocurrency market could start assembling. He added, he’s certainly aware that it’s a very speculative market and is volatile on the downside for the past 52 days. He thinks that in a couple of weeks, everything will get back to normal and the price of bitcoin will start to grow back once again.
Morehead highlighted that bitcoin is still “under-owned” by the retail traders and if the institutional investors adopt the asset class, the market could grow really quickly.
Ethereum hit another milestone on Thursday after its price went above $1,000, the highest it has ever gone in the history of world’s third largest cryptocurrency.
Just four days into the new year and January has already been a remarkable month for the crypto market. During this brief period, the combined value of altcoin market tops has swelled by more than $140 billion, and altcoins now represent more than two-third of the crypto market cap. Recently, Ripple became the first altcoin to accomplish a $100 billion market cap, and Ethereum now seems ready to add its name to this prestigious list.
Like most digital forms of money, Ethereum has been on an extended rally since the start of December, when it was estimated at $428. Through the span of the month, the Ethereum value ascended by 76 percent and it finished the year at $752.
Despite dropping behind Ripple in its race to capturing the second spot for the most valuable crypto, Ethereum expanded its rally into 2018, getting through both $800 and $900 earlier in the week. This Thursday, Ethereum cost accomplished a notable high, ripping past the $1,000 for the first time in its history.
Ethereum now has a market cap of $98.1 billion, bringing it a yard closer to becoming the third digital money to accomplish a $100 billion market cap.
Despite the fact that Ethereum has yet to hit $1,000 on most Western exchanges, South Korean merchants have taken the cost of ether up to $1,322, enabling its worldwide average to stretch out into the four-digit region. Currently, a majority of ETH exchanging is focused on Binance, which represents more than 20 percent of daily ETH volume.
Traders Are Optimistic About Casper Alpha Release:
Despite the fact that Ethereum’s walk past $1,000 happened against the backdrop of a more extensive altcoin surge, at least a part of its development is likely due to the declaration that the Casper consensus algorithm had entered alpha testing, finish with a public Testnet, preparing for the system to change from evidence of-work (PoW) to verification of-stake (PoS).
Though Casper is a long way from production release, the way that it has entered alpha testing is bullish at the Ethereum cost. Ethereum’s engineers trust Casper will convey a large group of benefits to the Ethereum network, not the slightest of which is the ability to significantly decrease its inflation rate.
This will be conceivable on the grounds that PoS requires far less power than PoW, boosting system members to approve exchanges for lower rewards than the current ones distributed to miners.
The reduced inflation will make singular cash units more significant and, after some time, conceivably enable the system to achieve a deflationary state in which fewer coins enter the course than those lost or destroyed.
Story credit: ccn.com
Image: Google images
Darknet marketplaces are known to have accepted cryptocurrencies since quite some time now. With the majority of platforms accepting Bitcoin while others experimenting with Ethereum and Monero. However, the darknet markets are in for a bit of trouble as many portals are disappearing overnight in what’s being referred to as “exit scam.”
Here we’ve outlined three most recent incidents of to clear this point.
The Evolution marketplace is one that made several headlines on the media, as it was one of the largest darknet marketplaces worldwide. In March 2015, over 40k bitcoins kept in escrow were stolen and they’ve never been retrieved ever since. The coins were worth around $12 million but no one is certain if they were stolen by the administrator or someone who hacked into the platform. Nonetheless, it is still one of the biggest exit scams since 2015.
Oasis is one of the first darknet markets to support payments made with Monero. Although, this portal went totally dark in 2016 when many users were scammed right before the platform vanished. The result was loss of at least 150 bitcoins while the amount of XMR was never disclosed. While everyone believed that Oasis could’ve been one of the main black markets on the deep web today. Unfortunately, that was not the case which gives everyone on the darknet a warning when it comes to trusting such marketplaces.
EAST INDIA COMPANY:
With a reputation that was usually fluctuating, East India Company was known to be one infamous darknet market before it disappeared in early 2016. To start off with, it was hacked back in August 2015 and lost around 30 bitcoins. It did take them a while to get back on feet as the users gradually made their way back. It was in January 2016, when the platform became inaccessible for a few days, which lead to users having their wallets drained and no response from the admins. No one knows as to how much funds were stolen from the market but it was one of the biggest exit scams over the last couple of years.
Now, if you’re hesitant towards trusting a darknet market but are still curious to know more of the deep web then we’ve got a safer option for you.
A Solution Against Exit Scams – BERMUDA:
Opposite to all the aforementioned markets, Bermuda is there to stay. Despite of being relatively new in the darknet world, Bermuda has got all the attributes to provide the darknet users with a platform where everything – from kids’ toys to adults’ stuff, and prescriptions medications – is available. Moreover, Bermuda is firmly against the sale of stuff such as:
- Assassinations or any other services which may be intended to cause harm to others.
- Live action stuff/hurt/murder audio/video/images
- Weapons of mass destruction: chemical, biological, explosives, etc.
- Child pornography
Trading a potion/all of the above-mentioned stuff is what primarily causes the law and enforcement to ban most the darknet markets. On the other hand, Bermuda has it stated in its market policy to never become part of any activity that promotes the prohibited stuff.
Now, one might think: “If Bermuda only deals in regular stuff, why go on the deep web? Why not just your normal browsers/search engines?”
Well, the majority of online buyers prefer to stay anonymous and buy the desired stuff without revealing their identity. But sadly, this is not possible on surface web marketplaces such as Amazon, eBay, etc. So, to achieve that anonymity, they head to dark marketplaces.
However, most the dark markets are involved in illegal trades in addition to selling the routine stuff and most of the time end up getting axed by the government. This ultimately leaves the clients with very limited and often inconsistent options.
Bermuda’s goal is to address this issue and provide dark-web users with a platform that won’t ever go down or get axed by the government so they have a marketplace on their fingertips every time they need to buy some stuff. Some of the key features of Bermuda are:
- Payments through both Bitcoin and Fiat are available
- Incredibly fast support
- Free vendor ships;
And much more! Visit the site at http://bermudagslgcoamz.onion/ and get registered right now for an amazing dark market experience.
You can also put forward your queries to Bermuda through Reddit’s DM feature at /r/Bermudator.