Without any doubt, Bitcoin is proved to be on the top of the chain of cryptocurrencies in terms of popularity and price on blockchain. Not only has the digital currency managed to lead the cryptocurrencies, but the dominance in terms of volumes speaks for itself.
The public inclination towards bitcoin can be analyzed by the fact that whenever a public figure of the crypto world is interviewed, the topic of Bitcoin, its trends and predictions is always addressed.
The graphs of Google trends show how the people went crazy searching for bitcoin when its price went through the roof in December, when it hit its all time high of $20,000. The search also shows that when compared with its closest competitor Ethereum, Bitcoin leads with a huge margin in terms of google searches, although inconsistent.
Keeping in mind that the line in purple is the ex president of America and the line in green is the leading fiat currency.
Interestingly the graphs coincide with the prices in the case of Bitcoin. Near 20th of December, 2017, tth prices of Bitcoin peaked, hitting its all time high of $20k while the searches also show that near that date, the searches relating to those of Bitcoin peaked.
We have also seen over the past that the interest of people rose due to the giants of finances and cryptocurrency had a lot to say about Bitcoin, whether positive or negative, quiet recently, what caught the attention of people and got them to invest in the currency and brought them to search about it was the statement made by the co-founder and CEO of BitMEX, Arthur Hayes, that Bitcoin will reach $50,000 by the end of this year.
History has shown that Bitcoins volatility has pulled the cryptocurrency to unrealistic numbers. Last year, Bitcoin saw a dramatic surge and hit its all time high $20,000. This probability of surge caught the attention of every type of investors. This volatility also led a lot of people into suffering grave loss and there are still probabilities of depreciating and growth spikes, but the predictions of expert still say that there is going to be a crazy price surge at the end of the calendar year 2018.
Later, after seeing the currency falling down significantly, he said, “I don’t actually think we’ve seen the worst” he continued to say that it is predicted that Bitcoin may hit $9,000 or just a shy of $10,000 when it falls again.
Similarly following the trends, the wolf of Walls street, Jordan Belfort said:
What’s going to happen with Bitcoin is going to be a black swan event in the next six months, by the way just so you know, I’m not saying Bitcoin is going down, it might go to $50,000.
Other recent events that have kept the people’s interest invested in Bitcoin specifically include the rejection of the proposal of the ETF presented by the Winklevoss twins, which led to the dramatic plunge in the prices of Bitcoin.
Similarly, showing his inclination towards Bitcoin a few days ago, the Billionaire Ben Miller, made a bold statement saying:
There are about 1,600 cryptocurencies out there, and I would say that most of them are probably worthless.
Another factor that keeps the people interested in the currency is the rating of the currency and the volumes that show that the currency is leading by a huge margin.
Although the currency gets a huge edge with the fact that it was formed parallel to the formation of blockchain and was the first ever cryptocurrency. But the scaling that it has provided and the monopoly that has been maintained since the day it was formed, is commendable. In fact, according to the Bloomberg’s reports, Bitcoin might even take the place of the fiat currencies if it hits the price of $213,000.