It appears that people are not as interested in bitcoin as they have been with Google searches for the word at its lowest since October.
Back in October, Google searches for the cryptocurrency represented 13 percent, which steadily rose throughout the remaining months of the year. Amid bitcoin’s record high of over $19,000 in December, searches for the digital currency accounted for 100 percent on the 17th, according to Bloomberg. However, by the end of the year, it was down to 47 percent.
The start of 2018 hasn’t proven any favourable. With fears that authorities were cracking down on the market, coin prices plummeted, along with Google searches for bitcoin. At the end of January, it was down to 38 percent before increasing slightly to 48 percent at the beginning of February, when bitcoin was trading just above $6,000. However, that reprieve has been short-lived with the start of March recording 16 percent.
It appears that the decline in searches is coinciding with trading prices failing to recover.
Yet, despite this interest within the market remains as more traders get involved within the industry. Even though Google searches are at their lowest compared to five months ago, that doesn’t mean that people are turning away from it. In fact, one could even say that there are more people who understand the currency better than they did a few months ago.
Even though the market remains volatile, with calls for it to be regulated, there are many who don’t consider it a threat. With the help of prominent industry players newbie and veteran investors are becoming more informed about the market and how it could change the world.
It’s inevitable that this drop in Google searches will rise again, as it has done time and again before. It’s important to note, though, that it doesn’t necessarily signal a change in the thinking of people or where the market is heading.
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