Public Interest in Bitcoin is Just Getting Started
What amazes me is that despite seeing record levels of trading volumes across crypto exchanges, on the bitcoin futures market, and even on the bitcoin blockchain itself, public interest hasnt really picked up just yet.
Looking at google trends for the search term bitcoin, we can see that there has been an uptick recently but were nowhere near the levels seen in December 2017.
Yes, weve come a long way already and I would be very surprised if we dont see some sort of pullback, or at least a consolidation.
Given the overwhelming headlines weve seen indicating that mass crypto adoption may be around the corner and given the historic parabolic bull and bear cycles that Bitcoin is used to, in my mind we might be just getting started.
Disclaimer: Crypto is a risky asset class and some coins may eventually reach zero, so please trade with caution and consider diversifying your portfolio.
eToro, Senior Market Analyst
Weak Chinese Data; Strong Stocks
Please note: All data, figures & graphs are valid as of May 15th. All trading carries risk. Only risk capital you can afford to lose.
The stock markets are doing just fine this morning despite the current trade war between the US and China, possibly due to the recent weak economic data from China.
Yeah, data from China out this morning showed that retail sales, industrial production, capital investments, and even unemployment were all much worse than economists were forecasting. Important to note that this data reflects the period before the recent tariff hikes.
Bad news for the economy is good for the markets though. The expectation is that the Peoples Bank of China will likely come to the aid of the market with additional stimulus measures.
Here we can see the reaction in the China50 index. The purple circle is the precise time of this mornings data dump.
This is strong confirmation bias for me. Trade doesnt matter, politics dont matter, the economy doesnt matter. Keep your eyes on the central banks. Theyre the ones who control the money and the markets.
By popular demand, lets take a look at the most popular cryptoasset on the eToro platform, which has been outperforming over the last week.
Here we can see the top seven cryptos by market cap. XRP is the white line.
It did take a while for XRP to join the party this time. Unlike some of the other large-cap altcoins, it did not get a chance to surge during the recent altseason.
On the other hand, it also didnt see much of a plunge while the rest of the crypto market was going through capitulation back in November. Though it did fall during that timeframe, it did manage to hold firmly to its previous level of support at $0.25 per coin, thanks to a massive surge when the xRapid platform was released in Septembe ...Read full story on Bitcoinist.com