Crypto News

The Block: the Mass adoption of bitcoin is still a distant dream

Key indicators of the crypto market show that, prior to the mass adoption of bitcoin is still very far away.

The number of google-query for “bitcoin”, the number of new subscribers to crypto exchanges in Twitter and the trading volume of BTC/USDT very far from that of 2017, when BTC broke $20000.

For comparison, users of Google 8 times less likely to request information search with the word “bitcoin” than in 2017, and the number of page views in Wikipedia bitcoin fell to 31 times. The average weekly trading volume in 2020 reached $2.5 billion in December 2017, the trading volume was $17 billion.

Overall, these data demonstrate that the market traded much less people. However, analysts TheBlock note that the last couple of years have seen the widespread development and institutionalization of the crypto industry. This means that the market is better prepared for a bullish run.

Recall that recently, analysts from Bloomberg predicted the imminent rise of BTC to $120000.

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Source:

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