Bitcoin Price Hits Monthly High
Starting the day above the $7,000 mark at a spot value of $7,132, Bitcoin rose steadily throughout the late night and morning, and reached a peak of $7,306 at around 10am.
As stated above, this clears Bitcoin from its early August losses, but the dip of August actually commenced in the last days of July, after BTC reached a peak of $8,424. So within context, BTC could do with another 15% push to clear it off July’s discrepancies.
Volumes over the last week have been hovering around a healthy $4.5 billion, after previously sinking as low as $3.1 billion towards late August. Overall Bitcoin dominance has held strong above 50% after breaching that level in mid August, and it reached 53% today (Aug 2nd) before dipping back down to 52.9%, where it stood at time of writing.
Despite the occasional blip, Bitcoin has been climbing since August 14th, after bottoming out at $5,991 – its lowest valuation since October 2017. If we go by previous trends, then we may be about seven to ten days away from reaching another mini-peak (and subsequent drop). Of course, that’s assuming that the ups and downs of 2018 continue the way they’ve been going in the last few months, which isn’t a certainty.
The BTC Google Analysts
Another expert has figured out that Google trends react to real-life forces, and this week it’s CNBC who have bequeathed the world with their learnings. According to the report, there’s a correlation between Google searches for Bitcoin and the coin price of BTC.
The news was presented by Dutch economist Joost van der Burgt, who told CNBC:
“Every time bitcoin was in the news, be it positive or negative, the price went up accordingly.”
By the rationale implicit in this statement (or at least, CNBC’s representation of it), the crypto market surge at the turn of the year can be attributed to the noble actions of Google searchers the world over. After all, there’s never been more Google searches for Bitcoin than at the start of the year. Coincidence?
Of course, CNBC are in all likelihood just trying to grab some quick, easy views. The fact is that it’s the price of Bitcoin that dictates Google searches and not the other way around, and right now the searches are still pretty low.
Original story: https://hacked.com/bitcoin-price-hits-monthly-breaching-7300-google-experts-weigh-in/by