2018 was a year to forget on matters cryptocurrency. Prices just couldn’t stop diving. The same continued at the beginning of the New Year. However, things began to change in February as the prices recorded in the first positive month.
When it came to April, price began to rise steadily, and signs of a positive year were now more apparent than ever. The trend didn’t stop in May; in fact, it accelerated. It is now evident that we might be headed for a bull market. And some reasons back this claim.
We are exploring some of those reasons today.
Fundamentals Testing All-Time Highs
Financial market experts know that no market can reach maturity until it has hit through a few bears and bull runs. The crypto winter did an outstanding job separating the wheat from the chaff. Those interested in getting rich quick exited the market and left bitcoin carrying on.
Albeit all through the winter season, bitcoin’s usage has been steadily rising. The past 16 months have seen a growing number of users, and that has led to the hash rate test the all-time highs of 60EH/s and the block size average well over 1MB.
Spiking Google Trends
One of the repeat signs of a trend that could replicate the 2017’s is a spike in Google’s search for bitcoin. Well, it may not be screaming bitcoin just yet, but we can see a familiar rise in its search queries for the past couple of months. Its peak came May 26th when bitcoin’s price skyrocketed. Experts claim that the sudden surge in bitcoin can be blamed on institutional interest in crypto business. That brings us to our next point-institutional interest
Institutions Ready For The Bull Market
It seems like Wall Street is all-in this time around due to an insatiable appetite for bitcoin. Grayscale, the largest crypto asset manager, bought well over 11,000 bitcoins in April. Also, over 54,000 bitcoins are being mined monthly. This means that it has invested 21% of the monthly bitcoin supply and it’s getting ready for the imminent bitcoin bull run.
Bitcoin Accumulation Rising
Research by Diar Analytics firm confirmed that people have been accumulating bitcoin the past 12 months. There has been a 7% increase in the number of wallet addresses.
Coinbase, a cold storage facility is holding over 760,000 bitcoins and at least a quarter of the circulating bitcoin is dispersed among large-volume wallets. It’s a sign of an official bitcoin bull market.
Record-Setting Trading Volume
Each month this year, institutions have been setting new trading volumes. Only yesterday, South Korea set a new high of $183 million in trading volumes on LocalBitcoins.
Big Names Building On Bitcoin
Can it get any more significant than Microsoft? It was a surprise announcement at a consensus that the giant would be building on the blockchain. Facebook, eBay, and Whole Foods have followed suit in the effort to roll out their own crypto to the masses.
Bitcoin’s Price
As when none can convince you of the imminent bull market, look at bitcoin’s price and the gains it’s making. Josh rage says that a small push further and bitcoin might finish just shy of 9k. It will be a 70% gain and officially the best month since November 2013.
What more signs do you want?