The interest towards Bitcoin, as well as towards Ethereum seems to be fading away, according to the latest Google Trends data. The searches for both terms are at their lowest point in 18 months.
Google Searches for Bitcoin in Sharp Decline
2018 has undoubtedly been a tough year for cryptocurrencies. Bitcoin, the world’s leading one, has lost around 60 percent of its value since January. However, it seems that the price is not the only declining component.
According to data from Google Trends for Bitcoin, the search interest for the cryptocurrency is currently sitting at an 18-month low. The same trend can be noticed for the second largest digital currency – Ether (ETH).
Another interesting note is that this downtrend coincides with the investor activity on some of the major exchanges. Coinbase, for instance, which is the largest cryptocurrency exchange in the US has seen an 83 percent decline since the all-time high values hit in January.
Optimistic Nevertheless
Despite the downtrend in Google Search volumes for two of the most popular cryptocurrencies, the current sentiment is somewhat positive.
Earlier this month, permabull Tom Lee outlined that the Ether Futures contract which CBOE Global Market contemplates will be good for Bitcoin’s price.
Lee said:
Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short btc. They can now short eth, means the net short on btc in futures would fall.
Going further, a recent report by the ICO Advisory Company SATIS Group indicated that the cryptocurrency trading volume is going to see a substantial growth of 50 percent in 2019 alone, boasting a 9 percent CAGR through 2028.
What do you think of the current state of the cryptocurrency market? Do you think we have found the bottom? Don’t hesitate to let us know in the comments below!
Image courtesy of ShutterStock