The web search for Bitcoin has dipped by 75% over the past five months, with the figure dropping by half over the past three months. This is according to a research conducted by Google Trends.
CNBC, which reported these findings, talked with the co-founder of Datatrek Research and Wall Street Bitcoin analyst, Nicholas Colas, who believes that this statistics is linked to the drop in Bitcoin price during that time frame. The price of the leading cryptocurrency has dropped by over 50% since the start of the year.
While addressing his clients via email, Colas stated that;
Bitcoin needs a new narrative in order to reestablish global attention.
Google Trend conducts research and analyzes the popularity of some web searches at different times. According to their ranking, a web search that reaches 100 has attained peak popularity. The popularity of Bitcoin on web searches was 37 at the start of the year but has dropped by 75% over time to now stand at a low of 9 at the start of this month.
Colas further added that the decrease in the number of new Bitcoin wallets since the start of the year compared to the fourth quarter of 2017 also played a huge factor in this statistic. The growth of newly created Bitcoin wallets has dipped to 3.7% this year, which is low compared to the 7.6% recorded month in the fourth quarter of 2017. He concluded that;
Bitcoin wallet growth needs to be +5 percent/month to see meaningful price appreciation.
Bitcoin isn’t the only cryptocurrency facing this dilemma, with the web search of other major cryptocurrencies also in decline. The second largest cryptocurrency in terms of market cap, Ethereum has seen its search drop by 70% since the start of the year, while the third and fourth placed Ripple and Bitcoin Cash dipped by 87% and 82% respectively. Though, Ethereum’s search volume dropped but still it managed to surpass 100 million searches.
Unsurprisingly, fifth-placed EOS has seen a reverse in fortune as its web searches have surged by 97% this year alone, with CNBC attributing that rise to Block.one’s recently concluded ICO, which lasted for a year and raised a record-breaking $4 billion in the process.