Altcoin News: Interest in Bitcoin Query Plummeted Amid Price Stagnation
September 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The interest of Google’s search engine users in Bitcoin has been steadily declining over the course of three months in the absence of noticeable movements in the market, according to Google Trends.
After reaching a peak on June 23–29, which exactly coincides with the local price maximum recorded near the $13,800 mark on June 26, interest in Bitcoin has gone down and currently stands at 38 points — this is less than at the end of last year, when the first cryptocurrency was trading below $4,000.
Ethereum behaves in a similar way, while other large altcoins did not even manage to attract attention:
The same trend applies to exchanges, for example, Bitfinex:
Interest in the search query “libra” now slightly exceeds the levels that were observed even before the announcement of the stablecoin being developed by Facebook, from which we can conclude that most users entering this keyword into the Google string are again looking for information on the zodiac sign:
This same phenomenon is reflected in the chart of messages mentioning Bitcoin on Twitter provided by bitinfocharts.com:
Having risen 4x since the beginning of the year, over the past months, Bitcoin has been fluctuating in a narrower price range of about $10,000. Earlier, a number of experts expressed the view that Google trends indicate small participation of retail investors in the movements of the cryptocurrency price this year.
Author: Marko Vidrih
