As the bear run continues to take a toll on the value of various digital currencies, a study report published by Google Trends has revealed that the public is also losing interest in this asset class. Specifically, the researchers discovered that searches for the two most popular cryptocurrencies, Bitcoin and Ethereum, had declined sharply in recent months.
Typically, Google Trends uses numbers to represent search interests that are relative to the maximum on the chart (100) for the duration of the research. By last week, the frequency of Bitcoin-related searches across the world had reduced to a value of 8. Such a low value was previously experienced over 18 months ago. Like Bitcoin, Ethereum has also dropped from 7 a value of 72 to a value of 9 in just nine months.
The reduced search frequency comes at a time when crypto exchange platforms are also experiencing reduced trading activity. For instance, the Coinbase trading platform has reduced trade volumes by a whopping 83%. Despite these discouraging stats, researchers are confident that global trading volume will increase by 50% next year and will continue to increase at an annual rate of 9% over the next decade. However, the prerequisite for this projection is the mass adoption of virtual currencies.
Although Bitcoin and Ethereum have been appalling throughout 2018, the two leading digital currencies still dominate the AltDex 100 Index. Precisely, their collective market cap value makes up 65% of the total market cap value of the 100 cryptocurrency tokens.