According to cryptocurrency analysts at The Block, cryptocurrencies are unlikely to gain widespread popularity in the near future. They also add that many people are still unwilling to buy BTC or invest in it.
At first, the popularity of the crypto industry was promoted by the institutional investors but it did not last long. This is why experts at The Block sumps up that the era of bitcoin will not come soon.
Besides, despite the high level of capitalization of BTC and other virtual currencies, the crypto market has not reached yet the indicators of 2017 in terms of the number of users. In 2018, the average number of new weekly subscribers of the five leading bitcoin exchanges reached 254,000, while in 2020 it decreased by 50 times to 5,340.
This year, the number of search queries for bitcoin has decreased eight times compared to the figure recorded in December 2017. What is more, the lack of interest in BTC affects the weekly trading volume of the BTC/USD pair as well. Three years ago, it hit $17 billion. This year its value dropped seven times to $2.5 billion.
Taking into account this data, analysts at The Block concluded that the ranks of crypto enthusiasts have significantly thinned. Notably, a similar situation in the crypto market took place three years ago during the rally of digital assets. Therefore, The Block economists believe that crypto traders should be ready for a strong bullish momentum that may occur at any time.
