According to new research from Google Trends, the web searches for the word “Bitcoin” just dropped 75% since the start of 2018, splitting in half in the past three months. The report comes from CNBC.
Actually, CNBC has cited the co-founder of Datatrek Research and Wall Street Bitcoin analyst Nicholas Colas, who links the decline in web searches to the coin’s price rates that have similarly dropped by 50% this year only. In an email to his clients, Colas adds that “BTC needs a new narrative in order to re-establish its global attention.”
Meanwhile, Google Trends analyzes different periods of the popularity of certain web searches – where a value of 100 is taken as the peak popularity for a specific search term. In January 2018, Bitcoin’s popularity was 37 and currently, it is as low as 9.
Colas also mentioned the decreasing number of newly created Bitcoin wallets compared to the last quarter of 2017 when the Bitcoin prices neared $20,000. The growth in the number of new wallets is only 3.7% right now, while in late 2017 it was 7.6% monthly. As Colas said, “wallet growth must be +5% percent per month in order to see meaningful price appreciation.”
The searches for other cryptocurrencies on Google are also in decline, according to CNBC. Ethereum searches also dropped by 70% since early 2018, Bitcoin Cash lost 82% and XRP fell 87%.
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