This Tuesday, Bitcoin exceeded $7,000 mark, rising consecutively for the fourth day. It is the longest continuous rising streak in a time period of more than a month, currently standing at $7004.41 at the time of writing. The key progress indicators point out towards more growth in the coming days.
The most famous cryptocurrency rose by 4.7% to $ 7,035 on Tuesday, the highest level since August 3, following Bloomberg’s weekly close above its 50-day average since July. Not only Bitcoin, but the other major altcoins including BitcoinCash(BCH), Ripple(XRP), Etherium(ETH) and Litecoin(LTC) saw momentum as well and saw a growth of 3.5% at least.
Bitcoin had a tough year with its breathtaking performance in 2017 which ended with a selloff of almost 70% from its recorded intra-day high in December last year. Despite facing a face-fall it has proved all the predictions of doom to be premature. Currently, the prices have consolidated above $6000 showing a minor support at $6700 level.
The rise in Reditt traffic
The Bitcoin sub-reddit is the most active forum for Bitcoin-related discussions. The Subforum ranked #119 on Reddit with nearly one million subscribers.
Last November, the famous cryptocurrency news portal Bitcoinist reported that the Bitcoin sub-reditt crossed 400,000 subscribers. In less than a year, this number, together with its price, has skyrocketed to more than 914,000 subscribers. However, the sub-reditt team has seen a steady decline in the count rightly following the downward trajectory as that of the price of Bitcoin, which went to its record highs of almost $ 20,000 in December 2017.
One of the famous moderators of the Bitcoin sub-reditt, “BashCo” revealed in one of his statements that sub-reddit is back on track with gaining some serious traffic. According to him, the Bitcoin sub-reddit traffic has finally rebounded after its constant fall every month since December 2017.
BashCo wrote on Twitter:
“Visitor traffic to r/Bitcoin has been dropping every month since December 2017… UNTIL NOW. Bull market forming?”
According to industry experts and BashCo, the increase in traffic reflects the interest of people in the topic. This means that people want to gather more information about Bitcoin, which is a positive signal.
Reddit co-founder Alex Ohanian also shares the viewpoint with the experts. Following his gut, he continues to keep optimistic views regarding cryptocurrencies, especially Bitcoin despite the slowdown. The 35-year-old investor said, despite the slowdown, a lot is going on worldwide with respect to cryptocurrencies and their adaptation. And any increase in the use of cryptocurrencies is a positive sign.
While no one can predict the price of any cryptocurrency, new users signing up and using the popular Bitcoin subreddit and many other platforms to get more information about it is certainly a positive signal for the world’s most popular cryptocurrency.
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