Bitcoin (BTC) – Web searches for the word ‘Bitcoin’ have dropped around 75% since the beginning of 2018, according to Google Trends.
Google Trends analyzes different ‘periods of popularity’ for individual web searches. The value of ‘100’ on their site is given to a specific term that is being searched at its peak of popularity. Bitcoin (BTC) reached its all-time record high of $20,000 a coin in mid-December 2017 and has been dropping ever since.
Bull or Bear?
Before Tom Lee, Nick Colas was the first Wall Street analyst to cover Bitcoin back in 2013, and he is bearish on BTC at the moment. Colas spoke to CNBC yesterday and states that he has yet to see new adopters wanting to buy Bitcoin recently, and with any new technology new adopters make it more valuable.
Colas gives to reasons as to why investors should halt on purchasing the cryptocurrency. First, google searches are down over 90% since Bitcoin’s peak in December and second, Bitcoin wallet growth has slowed down since last year.
With that being said, Colas believes that the sharp drop in December and January was the crypto ‘bubble’ popping, but he’s a strong believer in its structure and technology.
Negatives Across The Board
Most top 10 cryptocurrencies reached their top search peaks on Google, back in the last weeks of 2017 and the first week of 2018.
EOS is the only exception to this, as it reached its peak searches this past week as it launched its main net. Most searches for the cryptocurrency came from Nevada and Arizona, within the United States.
Tron (TRX) launched its main net a week ago and barely received a spike in Google search traffic.
Do you think investors now are just ‘HODLing’ and not checking the news every day or do you think individuals have just lost interest in cryptocurrency?
Leave your opinions and comments below.
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