CNBC created a report detailing the steep declines in Google Searched for “Bitcoin”, “ethereum” and others cryptocurrencies on June 4. Google searches containing these words declined about 75% just in five months. Not surprising, the peak of these terms being searched was the end of 2017, when the entire crypto market was exploding.
A recent research into Google Trend has revealed that Google searches for bitcoin and other related cryptocurrencies have declined drastically within a short time year as the currencies struggle to maintain a stable price in the financial market.
For example, at the beginning of 2018, Bitcoin’s search popularity was about 37%, but now we see approximately 74% decline in June. Ethereum has also suffered a great loss this year, as it struggles with a 70% decline.
The co-founder of DataTrek – Nicholas Colas- linked the decline to the instability of the coin prices as they have dropped by approximately 50% this year. He also added that there has also been a decline in the creation of new cryptocurrency wallets compared to time bitcoin reached its peak price of $20,000 in December 2017.
Emphasizing on the wallet creation, he said: “the major issue is that the cryptomarket is not seeing a lot of wallet growth and that the growth now between 5% and 7% monthly, unlike the 85% to 90% growth of 2017”.
While Bitcoin Cash, ETH, XRP, and BTC are struggling, one of the top 10 cryptocurrencies is celebrating. EOS may be the only blockchain to have a positive change on their search trends, increasing by 97% in 2018. This statistic is not as impressive when we consider that EOS has been wrapping their 1 year long ICO, valued at $4 bln.
The general market prices of bitcoin and other cryptocurrencies are beginning to gain ground again in the past two months. The market predictions are being more optimistic, increasing the confidence that traders and investors have in the crypto markets. All of this is temporary in the long term, with cryptocurrencies getting more usage by the global community.