Overall, the performance of Bitcoin and other virtual currencies has been disappointing since the start of the year. However, the misery of cryptocurrencies, particularly Bitcoin, transcends beyond depreciated value. A research conducted by Google Trends has indicated that the interest in Bitcoin has reduced significantly over the past few months.
Google searches for "Bitcoin" lowest since May 2017 – down 93% since Dec ATH. pic.twitter.com/6wUqp2VHrm
— Tuur Demeester (@TuurDemeester) October 25, 2018
The survey revealed that the searches for Bitcoin and Ethereum on Google had drastically reduced in recent months. Precisely, the number of people searching for ‘Bitcoin’ has hit its lowest since May 2017. This is a significant pointer that the popularity of the digital currency is waning.
The revelation from the aforementioned survey is a big blow to Bitcoin proponents who have been predicting that the value of the cryptocurrency will soar to $1 million in the future. Essentially, this report highlights the decreasing popularity of digital currencies among the masses in the past few months. The findings revealed that the searches for Bitcoin had dropped by a whopping 60% since the start of the year. Similarly, the rates for Ethereum have also reduced by a substantial margin.
In addition to reduced searches, the number of people trading in digital currencies has also dropped considerably. In August, several reputable media outlets reported that NVidia had witnessed a notable plunge in GPU sales from $289 million in the first quarter of the year to a paltry $18 million in the second quarter.
Furthermore, trade volumes have also declined since the record high achieved at the beginning of 2018. Back then, the overall market cap value of the crypto market was $835 billion. Presently, the entire cryptocurrency sector is valued at $210 billion, meaning that it has depreciated by an enormous 75%.
As expected, crypto exchanges have also been affected by the dismal performance of virtual currencies. For example, Coinbase, one of the most prominent trading platforms in the crypto market, has experienced a decline of 83% in trading volume since January.
What Does The Future Hold For Cryptocurrencies?
The current state of affairs in the crypto markets has generated mixed reactions. Pessimists have been saying that cryptos will continue to fall until they cease from existing. Alternatively, Bitcoin advocates are viewing this situation as a hurdle resulting from the frenzy generated by digital currencies towards the end of 2017.
At the end of 2017 and in the first weeks of January, the price of Bitcoin and other digital currencies grew at an unprecedented rate, attaining record highs in the process. As a result, many people invested in crypto thinking that this bullish trend would persist. To their disappointment, the price of Bitcoin has fallen deeply since then. The decreased interest in Bitcoin is heavily attributed to this development.
Still, there is a sizable portion of people who venture into crypto trading with the hope of turning into millionaires within a short time. However, this number is significantly lower as compared to the numbers of such individuals during the Bitcoin surge of December 2017. This is certainly beneficial to the crypto market because it implies that most investors are there for the long-term.