The Bear Market Didn’t Arrive Happen on Reddit as Bitcoin Subreddit Grew 61% During 2018
The Bitcoin subreddit was able to register a very important growth during 2018 amid a bear market that affected the whole industry. The Bitcoin subreddit is one of the main social places where individuals from all over the world can talk about Bitcoin’s many issues and topics.
Earlier this year, the Bitcoin subreddit was able to reach 1 million subscribers, something that all the community congratulated. Although this number was large enough, the number of users kept subscribing to the subreddit. During 2018, the number of Redditors on the Bitcoin subreddit grew 61%, equal to 380,000 subscribers.
The information was published on Twitter by Jameson Lopp, BTC developer and CTO at CAsa, a crypto startup.
The rate of new subscribers to the /r/bitcoin subreddit slowed considerably after the exchange rate dropped, but it still grew in size by 380,000 users – 61% growth in 2018. pic.twitter.com/2UdYlw0Y9N
— Jameson Lopp (@lopp) December 28, 2018
However, the growth rate has been slowing down as the market dropped. In 2017, as there was a bull market in the space, the number of users grew exponentially, close to 200%. The growth experienced in 2018 shows that although the market was falling the interest remained high.
At the same time, Bitcoin fundamentals continued to evolve, even with falling prices. The Lightning Network (LN) development, Segregated Witness (SegWit) adoption or hash rate increase have also had a good 2018.
Nevertheless, Spencer Noon, a crypto investor and entrepreneur, explained that the 61% data showing Bitcoin’s growth in Reddit is not accurate and that it is hard to determine the strength of the virtual currency community. Still, he agreed with the fact that fundamental issues behind Bitcoin improved even with a bear market.
Bitcoin moved from $20,000 in December 2018 down to $3,200 a few weeks ago, losing more than 82% of its value during a year.
Another important positive trend in the crypto space is the fact that the number of Bitcoin ATMs doubled in 2018. Now, there are more than 4,100 crypto ATMs all over the world. The growth rate of Bitcoin ATMs seems to follow a similar path as the number of subredditors on the Bitcoin subreddit. When Bitcoin was skyrocketing, the number of ATMs installed was also growing faster than after a price decrease in the last few months.
However, the number of Bitcoin ATMs around the world is focused on North America. According to data provided by data provided by Coin ATM Radar, this region accounts for 71.7% of the total number of Bitcoin ATMs installed around the world.