Over the course of the past few weeks, cryptocurrency prices have been dropping in value. However, online interest is another trend plunging as well within the digital currency realm as Google Trends searches for the word “bitcoin” have descended to levels not seen since October of 2017.
Online Interest in Cryptocurrency Word and Phrase Searches Decline Considerably
According to data from Google Trends and Insights searches for the word “bitcoin” is declining rapidly. The chart dating back to March 2017 is almost identical to the BTC/USD weekly price chart. The same can be said for a variety of popular words that reached peaks at the end of 2017 like the words “ethereum,” “ripple,” and “cryptocurrency.” Google’s data suggest that all of these words including “bitcoin” show searches are down well over 80 percent.
Right now the countries showing the most interest in bitcoin searches includes South Africa, Slovenia, Australia, the Netherlands, Singapore, Austria, Canada, Switzerland, Ghana, and Norway. Right now the most relatable queries include searches like “Binance,” “ripple price,” “bitcoin bubble burst,” and “bitcoin cash news.” Bitcoin cash (BCH) searches are also meandering at October levels as well, and copious amounts of interest in BCH stems from Bolivia, the Netherlands, and Australia.
Big Volume Countries and Tether Searches Diminish
The biggest trading volumes are coming from areas like Japan and South Korea, but searches are dipping low for these subjects as well. The controversial tether currency saw a lot of searches last year but in March people are not too interested in this subject. However, tether trade volume is through the roof, and the ‘stable’ cryptocurrency captures 12.6 percent of the global trades. Interest over time for bitcoin or cryptocurrency “exchanges” has also declined considerably.
It’s safe to say the price spike last year sparked a lot of attention, but since the price has drifted downwards interest has waned. Last year the word “bitcoin” was the top most searched term. 2018 may be a different story.
What do you think about online cryptocurrency interest taking a nosedive? Let us know what you think about this subject in the comments below.
Images via Shutterstock, and Google Trends.
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Author: Jamie Redman