The Google trends data shows that the interest in both DeFi and Bitcoin is dropping and the search volume usually correlates with price dips so let’s find out more in our latest bitcoin news.
The interest in Bitcoin is dropping according to the Google trends data, and the attention spans are getting shorter for the world of decentralized finance if the data is the only thing to go by. Google trends data works by getting a term searched and it is assigned a numerical value which then provides an indication of popularity. The data provides a rough indication of the world’s interest in various facets of the crypto market. During the first week of September, Google gave BTC a 51/100 in terms of popularity when it was compared to the results of 2019. BTC hit 100 in the middle of May which was the period before the BTC halving back in 2019.
Since the start of the month, Bitcoin’s price faced two major shocks with the initial charges filed against BitMEX and the announcement by the US President Donald Trump that he caught the coronavirus as well as his stance on issuing new monetary stimulus. However, the resilient buyers held the price above the support level and looked upon Square buying $50 million BTC as a trustworthy catalyst. The top cryptocurrency broke past the resistance from September at $11,200 and is now targeting the symmetrical triangle breakout at $13,800.
When the price crashed at the start of September, so did the interest in the largest crypto by market cap, a 41. The interest was later stuck around the same levels since the price of the benchmark cryptocurrency stabilized over the past few weeks. Speaking about Defi, the interest in that search term skyrocketed in March when BTC was at its lowest and the price crashed during the uncertainty caused by the COVID-19 pandemic. The interest dropped in the next few months until the first week of September when it surged back to 99/100. Since then it continued falling to a 65/100.
This comes down to the Defi explosion of the summer when the users started pouring billions of dollars into the latest crypto trend in just a few months. The interest in BTC interest remained steady this year and one could expect the worldwide interest in ETH to be skyrocketing but it has only increased by about 11% since the start of 2020.
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