Crypto-asset prices have plummeted, but Unstoppable Domains CEO and co-founder Matthew Gould believes interest in the industry remains positive.
He noted that despite high market volatility, blockchain domain names are registering at an unprecedented rate and with no sign of slowing down. Thus, domain names registered on the Ethereum blockchain on Unstoppable Domains have grown by almost 25,000 over the past week to 817,000. The current registration rate is approaching more than 500% year-on-year growth, even during the sale.
Everyone understands that crypto can be very volatile. The sharp drop in Bitcoin prices shouldn’t shock the market. You can expect that any asset that has risen in price in the same way as Bitcoin over the past year will definitely roll back. Because some investors are withdrawing profits. This is the situation we are seeing now. Despite the current situation, experts continue to adhere to positive forecasts regarding the value of Bitcoin. Crypto haven’t just become one of the investment assets. It is currently mainstream.
Unprecedented interest in crypto topics
After the price drop, interest in crypto, on the contrary, increased. According to Google Trends, from May 9, users of the largest search engine showed an unprecedented interest in cryptocurrency. In addition, people were interested in environmental issues. Google trends have shown that “most energy efficient crypto” and “greenest cryptocurrency” have become “breakout search terms”.
Elon Musk is partly to blame for this, as the Tesla’s CEO criticized BTC’s energy consumption. Also said that he was ready to ditch the Bitcoins on his company’s balance sheet.
As follows from the most massive inquiries, the most read about cryptocurrency is retail investors who don’t yet have sufficient knowledge about the Bitcoin blockchain and are highly susceptible to panic.
It is interesting to note that the number of queries on the topic “is it worth selling your cryptocurrency” has also increased. In the US alone, the number of such requests per day increased by 400%. This came amid one of the largest market disruptions. Which saw Bitcoin plummet by nearly $ 10,000 and most alternative coins suffered even greater losses. The reason for the fall was China’s decision to ban financial and payment institutions from providing cryptocurrency services.
However, regardless of whether the price rises or falls, interest in cryptocurrencies always remains high, investors are looking for protection from inflation in digital assets, and investors are looking for the most convenient ways to get into this ecosystem. So, while some are in a hurry to sell, others are buying Bitcoins in huge quantities at low price levels.
Cryptocurrency prices have been falling steadily in recent weeks. Nonetheless, financial professionals are optimistic and expect confidence in cryptocurrencies to grow over the next 12 months, citing increased regulation and public acceptance of the new market as positive factors for price increases.