New Indexica Research Proposes Alternative Explanation Why Bitcoin’s Price Rose to 2019 Highs
Bitcoin’s price is $58,028.83 BTC/USD exchange rate today. The real-time BTC market cap of $1.09 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $26.7 Billion and live coin value change of BTC 1.34 in the last 24 hours.
Live Bitcoin (BTC) Price:
1 BTC/USD =$58,028.8254 change ~ 1.34%
Bitcoin (BTC) has had a very good 2019 growing more than 145% since the beginning of the year. In over a month, the digital currency expanded 100%. The main theory behind this price surge is related to institutional investors entering the market after bottoming in December 2018.
However, there is an alternative research that explains that the price surge could be related to a larger discussion regarding Bitcoin and cryptocurrencies.
According to Indexica, a Los-Angeles based data analytics company, more academics and financial professionals are talking about Bitcoin. In order to arrive at such a conclusion, the company developed a natural language processing-based custom index that has already analysed over thousands of textual documents.
This investigation shows that scholars are also improving the quality of their discourse when they analyse the digital currency in research papers and public conversations. In this way, researchers and academics were able to provide better information about Bitcoin with other individuals. Thus, this helped bridge the current gap that existed between the traditional crypto market and institutional investors.
Due to this reason, family offices, hedge funds and other companies started to place their funds towards the most popular digital asset in the market.
At the same time, the company performed an analysis on whether bitcoin textual documents were written in past or future tense. The results showed that those speaking in the past tense had pessimistic opinions towards the most famous digital asset. Those that used future tenses were more positive about Bitcoin and cryptos.
Some of the most important topics discussed by researchers include GDP sentiment, blockchain and more. But always remember, there are usually two sides to same token and skeptics will always remain no matter how good, fast or stable Bitcoin becomes.