Thursday, February 9, 2023

This Metrics Show Interest In Bitcoin Ballooned In 2022 Despite Crypto Winter

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The first six months of 2022 have been remarkably awful for the crypto industry as a whole. Bitcoin and ethereum, two of the most valuable cryptocurrencies, have lost more than half of their value from their all-time peaks late last year.

Despite intermittent improvements over the past few weeks, the cryptocurrency market is essentially stagnant.

Owing to catastrophic news about badly run crypto firms, investors have endured the agony of being collateral damage in a seemingly endless series of unanticipated corporate breakdowns.

However, there is always a glimmer of optimism somewhere. A Yahoo Finance internal metric, for example, indicates that despite the crypto market’s current dismal state, a substantial amount of investors continue to monitor troubled crypto values as 2022 comes to a close.

Bitcoin Snags No. 8 Spot On Metrics Ranking

According to the Yahoo! Finance bitcoin quote website, the Bitcoin and US dollar currency pair (BTC/USD) ranked among the top 10 trending tickers for 2022.

This is a pleasant reprieve for bitcoin investors who have weathered falling prices and a $1.4 trillion decline in the overall crypto market.

Source: Yahoo Finance

Add to this the misery of rising interest rates, which deliver a huge hit to the bulk of crypto assets, dwindling risk appetite, and corporate failures, such as Sam Bankman-Fried’s FTX crypto exchange.

Yahoo! Finance is a member of the Yahoo! network of media properties. It delivers financial news, statistics, and analysis, such as stock quotes, press releases, and financial reports.

Yahoo’s Finance statistic has electric vehicle manufacturer Tesla in first place with 398,930,058 views, followed by Dow Jones (364,857,384), S&P 500 (352,563,832), and the NASDAQ Composite (281,628,368).

Tech giant and iPhone maker Apple and retail behemoth Amazon take the fifth and sixth spot with 249,031,785 and 199,327,425 views, respectively.

Bitcoin (BTC/USD), at No. 8 spot, tallied 157,657,277 views.

Bitcoin, the largest crypto asset, topped the list, followed by chipmaker Nvidia and 2021 favorite GameStop.

As of this writing, Bitcoin is trading at $16,839, down 5.5% in the last seven days, data from Coingecko show.

BTC total market cap at $323 billion on the daily chart | Chart: TradingView.com

Bitcoin Enjoys Growing Adoption Despite Market Negativity

In 2021, the price of bitcoin reached many new highs before plunging sharply. This was followed by increased demand from large corporations and other institutional investors.

The second largest cryptocurrency, Ethereum, too set a new all-time high toward the end of 2021, only to plummet to under $900 in June, its lowest level since the beginning of that year.

Source: Yahoo Finance

In the closing weeks of 2021, Bitcoin reached its last record high, and in the first few months of 2022, interest in the Yahoo Finance ticker decreased along with the price.

According to Dave Abner, head of global development at Gemini, a renowned cryptocurrency exchange, the year 2021 was a “breakthrough” in many different respects.

“There’s growing focus and attention being paid to the crypto industry,” he said.

Meanwhile, crypto funds have received net inflows of nearly $500 million this year, compared to $9 billion in 2021, according to statistics from digital asset manager CoinShares.

Numisteamone

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