Comparing the price of bitcoin at the beginning of 2018 with early June, it could be said that the digital currency has lost a good deal of its sparkle.
As we all remember, in the first few days of 2018, the price of Bitcoin climbed above $17,000. Right now, it’s hovering above $7,000, with some investors expecting the value to continue to fall going forward. Even though bitcoin remains the largest digital currency in the world by market cap, it has spent the 2018 struggling to maintain the momentum it built up late last year. Coinciding with the decline in bitcoin’s value, CNBC reports that Google searches for the term “bitcoin” have plummeted by 75% since January.
There’s not necessarily a direct correlation between Google searches for “bitcoin” and the price of the digital currency itself, but there is reason to believe that a drop-in bitcoin searches is bad news for the cryptocurrency. DataTrek Research co-founder Nicholas Colas says that his company uses Google Trends “to track search queries for ‘bitcoin’ as a proxy for potential new buyers,” adding that “bitcoin needs a new narrative to reestablish global attention.”
Bitcoin is not the only one seeing search interest drop off this year. Ethereum has fallen in search frequency by 70%, while ripple is down by 87%.
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