Bitcoin is going through a turbulent period, which has resulted in a diminished interest of investors in the first cryptocurrency. However, he is not the only one to have drastically dropped. According to Google Trends data, the percentage of google search for the keyword "Bitcoin" has dropped by 75% since early 2018.
Decline in research is linked to falling prices
"Bitcoin (BTC) needs a new narrative and storytelling to restore global attention," Wall Street analyst Nicholas Colas says in an email to his clients.Knowing that the value of Bitcoin follows a downward trend, it is not surprising that its popularity is also on a slippery slope . Since January 2018, the notoriety of Bitcoin has taken a hit, reducing its popularity by half in just three months.
Google Trends measures the number of requests made on Google according to the period and the defined place. The notation 100 represents the maximum amount of use of a desired term. Bitcoin was 37 at the beginning of the year, which was a record as it is valued at 9 this month.
Regarding digital wallets, Colas has recorded a decrease in the number of wallets created in 2018. In the last five months, the company has shown a growth of 3.7% compared to the year 2017 , and boasts a monthly increase of 7.6% on average.
A hard time for Bitcoin
The Bitcoin network is experiencing many difficulties at the moment according to the experts, which prevents it from becoming the world currency so much hoped by its supporters. The scalability of Bitcoin is debatable, its anonymity has been largely disproved, and the BTC's integration and usage processes are impractical.
In parallel, altcoins have tried to remedy the problems of the first cryptocurrency, which further reduces its notoriety and popularity .
The Bitcoin (BTC) was at its peak when its value crossed the $ 20,000 mark in December 2017. Since then, it has fallen dramatically in both price and popularity, even if it remains No. 1.
"The rate of growth in the number of Bitcoin wallets should be at 5% per month to hope for a significant price appreciation," commented Colas.That said, the BTC is not the only virtual currency to experience a worrying time. Other crypto-currencies have seen a significant decrease in the number of times the target keyword has been searched.
Internet users' interest in altcoins is also diminished
According to Google Trends, research for the keyword "Ethereum," the second largest cryptocurrency in terms of market capitalization, has fallen by 70% since January 2018. Bitcoin Cash (BCH) and Ripple (XRP) depreciate with falling 82% and 87%.However, the EOS has been googlized many times, recording a 97% increase, which is obviously due to its recent Initial Coin Offering (ICO). The collection was successful.
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