Top 3 Bitcoin, Ethereum and Ripple Price Prediction: Tilray beats Bitcoin on Google Trends: will speculative funds shift from cryptos to cannabis stocks?


Cannabis consumption will be fully legal in Canada on October 17th. Companies providing the weed are going high, at least in terms of prices and in searches according to Google Trends.

Tilray stands out but also Canapy Growth, Aurora, and Cronos are gaining traction in stock markets. Trading in Tilray was halted several times, reflecting the extreme volatility and volume in the stock price.

The interest in such investments may come from the same sources as those interested in cryptocurrencies: speculators interested in quick gains as a new market opens up. The effect may be detrimental to Bitcoin, Ethereum and other cryptocurrencies. Why? The same money may move away from digital coins and into stocks of providers of marijuana and other cannabis-related products. 

Most of the funds that go into cryptos find interest in cryptos and the same goes for money that goes into stocks related to recreational drugs. Nevertheless, the speculative excitement may move from blockchain technologies to high-flying stocks such as this one. 

The hype around Bitcoin caused some unrelated companies to change their names to include terms such as crypto, the blockchain, digital coins, etc. The mere change of the company name or its mission drew interest and surges in the stock prices. The same level of craze may be currently seen around cannabis stocks. The trend still needs to be confirmed as 

Here is how interest in Tilray surged and surpassed Bitcoin at the time of writing, according to data from Google Trends.


Tilary Bitcoin Google Trends seven days worldwide

More: Bitcoin Price Top Prediction: Levels to watch ahead of the crucial Direxion ETF – Confluence Detector

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD settles above $9,800, vulnerable to new losses

Bitcoin (BTC) managed to recover above $9,800 after a bloody crash towards $9.600 during early Asian hours. At the time of writing, the first digital asset is changing hands at $9,860, down 3.5% on a day-on-day basis.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD stays above $200.00, bulls don't give up

The second-largest cryptocurrency with the current market capitalization of $22.4 billion hit $217.60 on Wednesday. While the coin has retreated to $207.50 by the time of writing, the overall sentiments remain bullish as the coin stays above a critical $200.00.

More Ethereum News

Litecoin price analysis: LTC/USD retreats back within the short-term channel

Litecoin has retraced from Wednesday's high of $79.15 to trade at $74.37 by the time of writing. The fifth-largest coin with the current market value of $4.7 billion has lost nearly 2% of its value in recent 24 hours and decreased by 4.5% since the beginning of the day. 

More Litecoin News

The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red

The cryptocurrency market is a sea of red today as Bitcoin and major altcoins - with some notable exceptions - are falling down rapidly. The total market capitalization of all digital assets in circulation dropped to $263 billion.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP