Why cryptocurrency’s reputation is heading towards another bull run.

Why cryptocurrency’s reputation is heading towards another bull run.

By Dzoelx | Scripts | 22 Jun 2020


blockchain search trend.png
Chart shows periodic trend in search interests in blockchain.

The best time to get into cryptocurrency was before 2017, another time is now.

You’ve certainly come across this statement a couple of times, well, this is not a financial advice but personally, I agree so much with this. For another time in a very long while, cryptocurrency and blockchain seems to be gaining mainstream recognition, for positive reasons. 2017 still remains the most viable year for cryptocurrency and blockchain technology, however, that might not remain the case for much longer.

If we are to ignore the rampant fake volumes and market trade statistics manipulations, we can boldly say cryptocurrencies have been traded more than ever over the past two years with a couple of cryptocurrency exchanges announcing record breaking daily and weekly trade volumes. To be frank, even without the manipulations, cryptocurrencies are being traded more than it ever was, Morgan Chase and Peter Schiff will frown at that, but who cares about the bank and gold boys…lol. I still keep fiat in the bank though.

Cryptocurrencies are gaining the grounds and more than ever, people seem to be picking more interest in blockchain technology and utility than in cryptocurrency itself. Thanks to breakthrough moves by some reputable altcoins and bitcoin itself, the world outside have come to realize that cryptocurrency is not just some ‘get rich quick’ ponzi scheme. The ponzi boys are still doing their thing anyways, but the bad eggs will always rear their heads. Not sure anyone can do much to put a stop to it, maybe Donald Trump, when he finally buys his first cryptocurrency.

Prior to the 2017 ‘magic’, interests in cryptocurrency was in its lowest levels, A tangible percentage of cryptocurrency enthusiasts today joined the bandwagon from the 2017 bullrun. Sending goosebumps across the skins of every investor; the 2017 explosion not only attracted the new cryptocurrency investors, it also attracted forex traders and the gold guys too. The bliss lasted for a reasonable amount of time, at least long enough to allow the doubters make up their minds and also the researchers complete their askance at cryptocurrency–notably bitcoin. While many joined the trail, many withheld the zeal, but one thing for sure is, this marked the successful penetration of cryptocurrency into the asset market.
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Chart of search interests in bitcoin in 2017

Charts of trends in interest in bitcoin shows a notable peak in the third and fourth quarters of 2017 with bitcoin soaring above $20, 000. However, following years witnessed a fast drop in interests with cryptocurrencies failing to hold on to these peak prices and investors losing interest. Many irregularities have followed since this time as greed and the quest to get rich off cryptocurrency in a short time became the major aim of new cryptocurrency enthusiasts and investors.

Cryptocurrency scams rose to its highest in recent years and cryptocurrency as a result have a correlation with scams and according to many, ‘cryptocurrency facilitates scam and fraud’, a statement one can hardly dispute. Cryptocurrency’s reputation got to its very lowest. Very few were really interested in the technology and the intended utility of cryptocurrency and blockchain technology most important thing was ‘going to the moon’, a bunch of astronauts joined the crypto space I must say.

Moon wasn’t coming so quick however and getting to ‘buy a Lambo’ with cryptocurrency gains was fast becoming a fading dream. It dawned on cryptocurrency enthusiasts that a bull run was far-fetched. Bitcoin and other cryptocurrencies saw regular fluctuations, reaching intermittent lows and highs, first quarter of 2020 saw bitcoin decline to below $4,000. These periods of highs and lows seems to have reminded cryptocurrency enthusiasts of the fact that cryptocurrency means more than just some assets that rise to massive gains over a short period of time.

Each bear run attracted more mainstream investors who wish to buy at certain point of lows, a rise in cryptocurrency prices attracted more investors, but price crashes seems to even attract more investors.
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5 years search interest chart shows a peak interest in 2019.

In the early days of the last quarter of 2019, bitcoin soared to a new peak in web searches as interests grew following another crash in price. Horrible price drops and unbelievable price rises seems to have become a culture in the crypto space, but the boys are already used to it.

The first win for cryptocurrency is the fact that enthusiasts are beginning to get more interested in the technology behind cryptocurrencies and the possibilities which it could bring. The next serious price uptrend and its duration depends on the ability of cryptocurrency and blockchain to prove its utility rather than its market viability, as a matter fact, utility will as well strengthen its market viability.
bitcoin vs cash compare.png
uhm,search interest in bitcoin seems to be overriding interest in cash.

Past years has seen people preach more about the profitability of cryptocurrencies. However, cryptocurrencies will only remain mere cryptographic tokens if they fail to provide utility, most investors are well aware of this fact, hence, price talks and fake price moves are not enough to plunge the cryptosphere into another bull run.

Real interest in blockchain technology is growing, despite bitcoin remaining the chief cryptocurrency and dominating cryptocurrency interests, other cryptocurrencies have contributed significantly to recent mainstream interests in blockchain technology as it concerns cryptocurrency. A couple of national recognition for blockchain technology has driven some genuine interests and have healed the badly wounded reputation of cryptocurrency and the blockchain technology as some ‘crypto strict’ nations have lessened their regulations on cryptocurrency.
BitcoinapparaîtdansunevidéodiffuséeparLandRoverpourfêterles50ansduRangeRover.jpg
Land Rover lists bitcoin network creation as one of the notable technological breakthroughs of the past 50 years.

Altcoin projects such as Basic Attention Token, ethereum, Theta, Verasity, Chainlink, Loopring, IOTA, Hedera Hashgraph, steem, to mention very few, have expanded the scope of blockchain and cryptocurrency applications, drumming home the idea of various real life applications and exchange of value other than mere ‘portable medium of payment’ and a substitute for fiat.
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Chart of search trends in Nigeria shows increasing interests in cryptocurrency, as well as blockchain technology.

Regional trend charts also show a tangible increase in interests in blockchain technology itself over the years. Understanding the core concept of cryptocurrency and believing in its feasible possibilities is the most workable solution to restoring reputation of cryptocurrency, according some, ‘blockchain is a clever invention, but cryptocurrencies are useless’. Peter Schiff still believes cryptocurrencies are run by fraudsters and are useless…at least relative to gold. His claim is not totally false, though, but still wrong to a very large extent and with the continuous technological and administrative breakthroughs, he stands a huge chance of being proven completely wrong in the very near future.
cryptocurrency trend since coronavirus.png
In the wake of the corona virus pandemic, interest in cryptocurrency seems to have risen worldwide.

Fact remains that the constant and unexplained printing of stable coins and manipulated prices will not bring forth the next serious interest in cryptocurrency, only a tangible proof of utility will draw the next wave of mainstream interest nearer, this is fortunately in the works. Recently, many economists and investors seem to be changing their assertions about cryptocurrency, this will surely continue and if this is the case, the next bull run is not far-fetched. Hence, another good time to get into cryptocurrency is now!

All charts are culled from Google trend.

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Dzoelx
Dzoelx

Drinking coffee and writing about cryptocurrency. Follow me on medium: https://cryptoscripts.medium.com/


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