Bitcoin price increased slightly, the cryptocurrency market turned green

A few hours ago, the cryptocurrency market recorded a slight decrease. Bitcoin price recorded that trading around $7,212, down $12 from yesterday. However, at press time, the whole market turned green. Cryptocurrencies are increasing slightly from 0.5% – 5% on the day.

Bitcoin price still receives a great deal of interest

At press time, the price of Bitcoin is fluctuating around $7,224, up slightly by 0.5% in the past 24 hours.

bitcoin-price-increased-slightly-the-cryptocurrency-market-turned-green[2]

Source: TradingView

Last month, Bitcoin’s price was recorded at around $6,500 after surpassing the $8,000 threshold in a significant period earlier. This downturn reflects Bitcoin’s worst market performance in the past seven months since BTC fell below $6,500 in May 2019.

However, even if Bitcoin’s fortunes reversed so, data on Google Trends shows that the level of global interest in cryptocurrency seems to increase whenever Bitcoin’s price fluctuates abruptly (either positive or negative. Besides, last month, the keyword ‘Bitcoin’ reached the highest search ranking since October 26, when the Bitcoin price was trading above $9,200.

Finally, another interesting point of interest is that much of the interest in Bitcoin seems to originate from developing African countries like Nigeria, South Africa, and Ghana, as well as small European countries like Austria and Switzerland.

bitcoin-price-increased-slightly-the-cryptocurrency-market-turned-green[1]

Source: Google trends

The majority of Bitcoin-related searches on Google this year occurred during periods when prices were rising or falling rapidly.

For example: Between June 19 and June 29 – when Bitcoin rose sharply from around $9,000 to over $12,900, global interest in the currency peaked in 12 months. The same situation occurred during another rally in the second week of May when Bitcoin rose from $5,500 to over $8,000.

Alexey Ermakov, CEO of Aximetria – a mobile banking platform focused on cryptocurrency – thinks that studying the correlation between Bitcoin price and its related queries on the Internet is a futile effort.

Such relationships can be created by individuals or organizations whenever they want to create a supportive mentality of Bitcoin in the market. Essentially, this is a means of spreading misinformation on the Internet.

Share on this issue, Ermakov emphasized:

“All of this seems like a mismatch. You need to look at more functional indicators, such as hash rate and mining. Everything else is a signal to push prices up or down.”

Most Altcoins have increased slightly

The market’s second-largest cryptocurrency, Ethereum, is trading at $125.77, up to $1.30. Opening the session, the ETH price was listed at $124.66. In terms of profits for the past seven days, ETH still fell about 2%.

The XRP traded around $0.189, up to $0.0011, opening the XRP listed session at $0.187.

Bitcoin Cash, EOS, and Bitcoin SV are the top 10 names with an increase of over 2% on the day, recording prices of $190.08, $2.54, and $88.41, respectively.

With volatility today, the cryptocurrency market capitalization is maintained at $189.80 billion.

As the cryptocurrency market is developing and sometimes Bitcoin has been called ‘digital gold,’ there have been many mixed views around these two types of assets.

In the latest tweet, the famous billionaire for the Shark Tank program, Mark Cuban, said that although not affected by Bitcoin too much, he still stored a wealth of assets in this form. However, this billionaire makes the point that gold has more applications than cryptocurrencies.

Besides, Germans are lining up in Degussa to buy gold in Koln. From 1 January 2020, the allowable purchase limit for gold will be reduced from 10,000 Euros to 2,000 Euros. Meanwhile, two years ago, the limit allowed up to $15,000.

Dan Popescu’s account posted the above information:

“Every time there is a wave of buying gold, the Bitcoin supporters shout and stop.”

Anyway, it’s still very early to say whether Bitcoin can become digital gold or not, and this will be a controversial topic that continues for a long time.

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