Report: Bitcoin’s Recent Surge Due its Maturation as an Asset

Report: Bitcoin’s Recent Surge Due its Maturation as an Asset

New data suggests that bitcoin's (BTC) growth is explained by its maturation as an asset based on conversations surrounding the leading cryptocurrency, Bloomberg reported on May 15.

Bloomberg cited a report from web intelligence platform Indexica, that developed an index based on natural language processing of textual documents in an effort to explain bitcoin’s recent surge.

The research reportedly revealed three major drivers of the coin’s growth, including conversations surrounding bitcoin, fewer concerns about fraud and a shift in the sentiment of how people talk about bitcoin from the past to the future. The report states that more financial experts and academics are deliberating about bitcoin, and traditional institutions are taking it more seriously.

Explaining the future issue of bitcoin, Zak Selbert, chief executive officer at Indexica, reportedly argued: “Think about it, executives will speak of good things they expect to happen on conference calls before they happen. They only mention mistakes afterwards.”

Over the past month, bitcoin has demonstrated an impressive surge from around $5,075 on April 15 to its current price of around $8,178, according to CoinMarketCap.

Bitcoin 30-day chart. Source: CoinMarketCap

Today, Erik Voorhees, CEO of cryptocurrency exchange platform ShapeShiftargued that the volatility seen in bitcoin and altcoin markets over the years is a necessary phenomenon for a nascent asset, stating that bubbles are an essential part of the industry’s growth.

Leading derivatives marketplace CME Group reported record volume for its bitcoin futures on May 13 as the cryptocurrency’s surprise bull market continued. That figure represented an equivalent 168,000 BTC ($1.35 billion) — an almost 50% rise versus the previous high of 22,500 contracts and 112,700 BTC (currently $909.2 million) on April 4.

  • 33
Block
Add Reply
Feedback |

Nice share

Add Reply
expand

Good day

Add Reply
expand

Support you 

Add Reply
expand

Nice sharing 

Add Reply
expand

Good afternoon.

Add Reply
expand

Come and support

Add Reply
expand

support~

Add Reply
expand

thanks for sharing. 

Add Reply
expand

Good afternoon.

Add Reply
expand

Support

Add Reply
expand

Mining~~

Add Reply
expand

Come and support

Add Reply
expand

Come and mining

Add Reply
expand

support

Add Reply
expand

Nice Sharing

Add Reply
expand

Good afternoon.

Add Reply
expand

Great share

Add Reply
expand

Support Landlord           

Add Reply
expand

Thanks  your sharing

Add Reply
expand

Support and  mining          

Add Reply
expand

Nice sharing       

Add Reply
expand

Mining support               

Add Reply
expand

Thank you  for sharing. 

Add Reply
expand

support······      

Add Reply
expand

Great  sharing······    

Add Reply
expand

Support you!          

Add Reply
expand

Great  sharing

Add Reply
expand

Good evening          

Add Reply
expand

Support  

Add Reply
expand
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up