In spite of the dwindling price of cryptocurrency over the past year, the community is continuing to grow at an unprecedented rate, with Bitcoin’s subreddit hitting a major milestone of one million subscribers over the weekend.
The page is the biggest online community relating to Bitcoin and cryptocurrency, with more than 10,000 users on the site at any time.
The milestone comes one week after Coin Rivet’s report on Google search trends, which indicated that searches including “Bitcoin” have doubled since the start of November. This is noteworthy as it has coincided with the falling price of Bitcoin, while typically a spike in search terms results in an upswing in price.
Congrats r/Bitcoin, 1 million subscribers. [vid] https://t.co/25VdtKgGKf
— /r/Bitcoin (@RedditBTC) December 3, 2018
Bitcoin finally broke the $6,150 level of support to the downside at the start of November, falling to as low as $3,450 after a prolonged period of low volatility.
Volatility soon returned with the breach of support and yearly lows, with not only Google search terms doubling, but also an influx of regulatory news as the SEC began to clamp down on a number of ICOs, causing a cascade in price to the downside.
There has also been bullish news to report in the last month, which again spiked the interest around cryptocurrencies. There was news about Nasdaq listing Bitcoin futures, as well as an increase in capacity of the highly anticipated Lightning Network.
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