Crypto Prices are Down, Adoption is Up (BTC-USD)
In recent months, mentions of individuals purchasing or investing in cryptocurrency have pulled back alongside the price of Bitcoin (BTC-USD)…But, the trend suggests growing adoption by U.S. investors.
Crypto Investment mentions have fallen -38% QoQ but remain +465% higher on a YoY basis (7-day moving average)
By contrast, the price of Bitcoin has declined -44% QoQ to a YoY gain of just +225%.
The performance of BTC determines the movement of the entire cryptocurrency markets…for now.
With ~$1.3 trillion invested worldwide, the total crypto market cap is less than 3% of the U.S. equity markets at ~$46.9 trillion — This gap will close as adoption increases and ‘use cases’ become legitimized in the future.
For now, the relative strength of underlying mentions suggests that there are more ‘hodling’ investors than ever before.