Google Trends Show Bitcoin Searches at a Record Low in the Past 18 Months

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.

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

CFTC Chair Is Ready to List More Crypto Based Futures; Just Waiting on SEC's Clearance

The Chairman of Commodity Futures Trading Commission (CFTC), Heath Tarbert, has said that they are waiting for SEC clearance on more digital assets to...

Mercedes-Benz Parent, Daimler AG, Pilots PoC Supply Chain Data Sharing System with Ocean Protocol

Daimler AG, the Mercedes Benz carmaker, has partnered with the decentralized data-sharing platform - Ocean Protocol. The partnership would help the Daimler to store their...

Insufficient Clarity for Regulations And Taxes May Force US Investors Move On: Coinbase Tax VP

The Chief Tax Officer of Coinbase, Lawrence Zlatkin, believes that lack of clarity in the US' crypto taxes could alienate prospective investors. He shared...

Chinese Ride-Hailing Unicorn, Didi Chuxing, to Pilot Digital Yuan; First Mass Scale Use of DCEP

China's 'Uber,' Didi Chuxing, will test run the digital yuan according to an announcement on July 8. The Chinese ride-hailing unicorn has over 500...

Kyber Network Makes DeFi Debut Following a Protocol Upgrade and KyberDAO Mainnet Launch

Kyber Network has launched a protocol upgrade dubbed 'Katalyst' alongside Kyber DAO on the Ethereum mainnet as per a blog post yesterday by the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today