The most dominant cryptocurrency in the world, Bitcoin, has been the most popular on the Reddit crypto community as the latest cryptocurrency news show. With an average of 3,600 comments about the digital currency being posted every day, BTC proudly holds the throne.
It is not weird to conclude that Bitcoin is the most popular on Reddit. The community there likes to talk about the cryptocurrency, its price and its direction in the future. On the other hand, the altcoin news show that Ethereum and Monero are triggering 500 and 380 daily comments, respectively.
All of these statistics were carried out in a new research paper by Pacific Northwest National Laboratory which analyzed three years worth of discussions on Reddit from the period of January 2015 to January 2018. The survey found that the Reddit crypto community is very active and had to measure the speed and scale at which discussions about Bitcoin, Ethereum and Monero spread.
As they said in the paper, the Reddit crypto community “uses cryptocurrencies disproportionately by criminals and hackers – and their use has political and economic implications.
The report featured on many best cryptocurrency news sites also adds:
“The way information about these novel distributive technologies spreads across online social platforms shapes online and offline discussions, and could potentially influence peoples’ beliefs and decision making. Thus, it is crucial to understand, explain, and anticipate the social behavior and communication patterns in the social environments surrounding cryptocurrencies to understand these phenomena and devise appropriate responses.”
Unsurprisingly, the researchers also found that not all comments in the Reddit crypto community trigger a discussion. Interestingly, however, the rate of ineffective posts – is up to five times higher with Bitcoin and Ethereum rather than Monero.
“Our results demonstrate that while the largest discussions on Reddit are focused on Bitcoin, posts about Monero start discussions that are typically longer and wider. Bitcoin posts trigger subsequent discussion more immediately but Monero posts are more likely to trigger a longer lasting discussion. We find that moderately subjective posts across all three coins trigger larger, longer, and more viral discussion cascades within both focused and general communities on Reddit,” the paper reads.
Overall, the data shows that the Reddit crypto community is very active and responds quicker to posts about Bitcoin then when commenting the coming altcoin news.
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“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
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“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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