- Bitcoin climbs above USD 9,100 as miners dig in
- The number of women involved in crypto and blockchain has climbed significantly in 2020
- Data shows the Bitcoin network has never been healthier
We will never know what would have happened if price continued to plunge, especially when last week on Friday we were seeing USD 10,000 and on Monday we fell below USD 8,000 — since price has now climbed back above USD 9,100 as the bulls refuse to give in to post-halving disappointment.
And if anyone believes that the boys in crypto will be jumping for joy, they won’t be wrong, but they will now need to account for a bigger number of girls in crypto too.
A new report released by crypto data aggregator CoinMarketCap suggests that the year has been a real boon for women in the crypto industry, with a sharp growth of 43.24% achieved in just the first three months of 2020. This is now challenging the often-held wisdom that the sector is almost always dominated by males.
My goal is to own 1 Bitcoin and be a part of the 1% 🚀
— Miss Teen Crypto (@missteencrypto) May 12, 2020
And what are the driving factors behind this record growth? Basically, investment interest has come from women. Crypto fund managers Grayscale also published a report back in December, when they showed that up to 43% of investors interested in Bitcoin were women, a figure that jumped 13% from 2018, and continues to grow well in 2020. The same report also suggested that almost half of women surveyed (49.8%) predicted that Bitcoin’s deflationary emission would lead to future price growth.
Global economies since then have constricted and as people looked beyond traditional hedge markets like real estate and gold, eyes have also turned to digital assets. And while women have always been known to be less likely to take risks, they have been less pessimistic about the global economy, with crypto confidence steadily in a rising trend this year.
The promise of this technology is highly attractive to blockchain entrepreneurs and one such investor, Nisa Amoils, told Cointelegraph:
“Women can get more income through trading, investing and virtual spending of Bitcoin. And the token economy can democratize access to capital through, for instance, security token offerings.”
Overall, gender data aside, interest has been coming in hot from both retail investors and institutional ones, with Coinbase, among the most popular crypto exchanges in the US, has noted an expansion of interest even in these troubled times, perhaps even due to stimulus cash released by Trump’s administration.
And while we are still not yet at five-figure prices, Bitcoin has more than doubled since its yearly low in March, so that kind of action, along with the recent hype from Bitcoin halving, will surely have attracted the interest of newer people, including women.
Bithumb Global’s vice president Vincent Poon summed up:
“I think women usually are less reserved when it comes to investing Bitcoin due to the technical piece of it and the volatility of the Bitcoin. I think they just are trying to diversify or hedge the portfolio and start looking at Bitcoin as alternate investment due to losing confidence in the traditional securities or economy as a whole during the pandemic. More women open accounts but not necessary trading though. They are exploring.”
In any case, the Bitcoin network continues to post signs of health, despite the halving meaning less Bitcoin to spread around to miners helping to secure the network. According to data analysts Glassnode writing in their weekly on-chain newsletter, the amount of hash power still plugged into the network is almost at maximum.
Its recent on-chain BTC Classnode Index (GNI), which captures several metrics on chain and combines them into charts and other derivatives that can provide information, has gained 2 points to record 76 on the GNI. Network health, which looks at growth and activity, upped by 6 points to 94, though “Sentiment” dropped as investors and savers felt pessimist means that overall GNI dipped by 2.
“Along with Bitcoin’s strong fundamentals, this suggests a stable, if not bullish, environment for BTC over the coming months. Keep an eye on Bitcoin’s hash rate to see whether the halving has an effect on this metric later on.”
Image Courtesy: Pixabay