Reddit’s Bitcoin Activity on the Rise for First time in 2018 as Crypto Community Looks For Catalysts
Bitcoin Reddit Closing in on 1 million Subscribers as Traffic Rises for the First Time in 2018
During the cryptocurrency rally witnessed at the end of 2017 and the start of this year, the mentions of Bitcoin across the internet also rose in the same magnitude. One social app however, outdid the rest in embracing cryptocurrency conversations in Reddit social app. The website is ranked the fifth largest in the Unites States and 14th in the world as per Alexa rankings. The website saw an increase in viewership last year during the cryptocurrency boom with Bitcoin and related cryptocurrency topics exponentially increasing.
The r/Bitcoin sub-forum closing in on 1 million subscribers
Since the start of the year, r/Bitcoin, a forum dedicated to discussing Bitcoin-related topics, has been recording lower and lower viewership, traffic and number of new subscribers on a monthly basis as the market dropped from all-time highs at the start of the year. The trend has however reversed for the month of August for the first time since 2017.
The sub was formed back in September 2010 with a few community members joining the movement. The continued adoption and mass advertising of cryptocurrencies however hastened the number of people subscribing to r/Bitcoin sub-forum. The subreddit forum saw a huge increase in the number of viewership during the 2017 cryptocurrency boom with the number of subscription increasing to over 400,000 in November.
With less than a year passed since then, the subreddit has seen its subscriptions hit 915,000 readers, missing the 1 million mark by only a few subscribers. However, since the year began, the sub has seen a monthly decrease in the traffic with the trend reversing this month amidst the overall bullish sentiment witnessed during the month.
One of the forum’s moderators, ‘BashCo’ wrote on Twitter that the subreddit was experiencing an increase in the overall traffic for the first time breaking the downward trend. The tweet read,
“Visitor traffic to r/Bitcoin has been dropping every month since December 2017… UNTIL NOW. Bull market forming?”
Does the increase in traffic on the r/Bitcoin sub-forum indicate we should expect a reversal of the cryptocurrency to a bullish momentum in the near future?
r/Bitcoin Sub-Forum Signals a Bullish Run
The statement by BashCo is one that shows an increase in people checking up on Bitcoin hence showing interest in the coin. During the crypto boom at the end of 2017, a time that saw the price of Bitcoin cross the $20,000 USD mark, a strong correlation between the overall search frequency of the word ‘Bitcoin’ and the price of BTC was determined. This could be the same case with r/Bitcoin as more people visit the sub to gain more knowledge on Bitcoin.
Notwithstanding, Reddit’s co-founder, Alex Ohanian, also commented on Bitcoin facing a bullish run in the very near future even though the technology is still at its very early stages. He added that the overall increase in real use case adoption of cryptocurrencies should be counted as a positive however the markets may look at the moment. Speaking bullish Alex said,
“As a store of value, there is some real traction [with Bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis… But right now, we’re still in the earliest, earliest stages”
In conclusion, more institutional investors, companies, governments and regulatory bodies are entering the space offering a sigh of relief to most investors who feared rejection of the technology altogether.
The recent postponement of Bitcoin ETFs judgement by the Securities Exchange Commission (SEC) and the continued regulations on cryptocurrency projects has brought the market to its knees this year. The recent increase in traffic on r/Bitcoin signals an optimistic increase in price of BTC market as the number of subscribers closes in on the 1 million mark.