Bitcoin and other cryptocurrencies have seen a drastic decline in exchange traded volume, transaction volume and overall interest in both traditional and social media. In this video, we discuss the decline in Bitcoin exchange volume, Bitcoin transaction volume and the increase in NVT ratio.
Steemit Post: https://steemit.com/bitcoin/@cryptovestor/scary-trend-in-bitcoin-and-other-cryptocurrencies
We also explore how media sites like Coindesk and Cointelegraph are starting to see their monthly visitors decrease as their Alexa ranks flatten and Cointelegraph sees a substantial 25 - 50% decline in views on some of its most popular price analysis articles.
Additionally, social media interest in Bitcoin and other cryptocurrencies is beginning to decline as well, as we see the /r/Bitcoin & /r/Cryptocurrency subreddit subscriber growth plummet. Both views and subscriber growth has been significantly stunted on YouTube as well almost across the board. There appears to be decreased interest in other social media as well, including Twitter.
In my opinion, this is evidence that most people only care about price, not the "technology." The sideways trading action in the market over the past month has led many people to become "bored" with only minor double digit movements (I get a chuckle out of that) and less people are interacting than before.
Will interest pick back up again? Perhaps once volatility enters the market again, especially if we see a breakout to the upside, but it appears many people were burned from the last crash and sold out or otherwise became disinterested. What are your thoughts on this macro trend?
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My Recommended Hardware Wallets:
If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously - look it up and you'll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):
Ledger Nano S: http://amzn.to/2hZPj0q
Ledger Blue (expensive): http://amzn.to/2hk7xst
I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn't matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
My Favorite Book for Investing in Crypto:
This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn't bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.
It's a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
My Recommended Exchanges: Coinbase / GDAX / Bittrex
If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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None of what I provide in my videos is investment advice. Please do your own due diligence.
Seeking Alpha: https://seekingalpha.com/author/truth-investor/articles