Google Searches for ‘Bitcoin Price’ Sink to Three-Year Low
Fewer people are hunting up the term “Bitcoin Value” on Google than at any point for much more than a year. Information from Google Trends reveals that the search term is approaching historically low levels of popularity not seen given that 2015.
Market place Slump’s Effect on Google Searches
Google Trends describes itself as a public net facility that offers users insight into the frequency of particular search-terms relative to the total volume of searches carried out by internet users around the globe. Making use of its service, it is possible to get an idea of the level of interest in bitcoin trading by using search frequency as a proxy.
The offered data shows that from 2013 up till early 2017, search frequency for the term was mostly flat, with a few minor spikes from time to time. This all changed from Could 2017 as bitcoin embarked on its record breaking bull run, at a single point touching $20,000 at the end of the year.
The peak period for ‘bitcoin cost’ searches was the period among December 2017 and January 2018 when bitcoin achieved its record price, attracting frenzied investor attention in the method. The period in between December 24 and December 30, 2017 recorded the highest quantity of searches for the term.
Just two months later in February 2018, the frequency of the search term halved as bitcoin shrank to less than half of its peak value. The search frequency then continued on a steady downward trend, interrupted only briefly by a short-lived uptick amongst June 10 and June 16, tracking a short-lived bitcoin price rally.
Presently, the worldwide ‘bitcoin cost’ search frequency stands at 7 out of one hundred – its lowest point because July 2017 – and falling. Barring a sudden bitcoin cost bull run, it would appear as although the search frequency is destined to hit 2015 levels which peaked at two out of one hundred.
Such a market rally does not appear to be on the cards at the moment, as bitcoin remains stuck stubbornly around $6,500, with the wider crypto industry also not showing any indicators of sustained upward movement.
The Curious Case of ‘Hodl’ and ‘Rekt’
Interestingly, Google Trends information also shows that the search frequency of ‘Hodl’ – a typo turned web meme-cum-investment terminology – is also dropping noticeably.
Utilised to denote resistance to selling in the face of losses although hoping for a bull run, ‘Hodl’ also achieved its peak search frequency in late December 2017.
Given that February 2018 nevertheless, it has fallen drastically, ultimately overtaken in July by ‘Rekt’, another unofficial crypto marketplace terminology that signifies massive trading losses.
More information on bitcoin investment search queries by Google Trends can be discovered here.
Featured image from Shutterstock.
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Published at Sat, 25 Aug 2018 12:32:43 +0000