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Fewer people search Google for the term "bitcoin price" than at any time for more than a year. Google Trends data reveals that the search term is approaching historically low levels of popularity not seen since 2015.
Market Slump effect on Google searches
Google Trends describes itself as a public web structure that offers users information on the frequency of specific search terms related to the total volume of searches made by Internet users worldwide. Using its service, it is possible to have an idea of the level of interest in bitcoin trading using the search frequency as a proxy.
The available data show that from 2013 until the beginning of 2017, the search frequency for the term was predominantly flat, with some small peaks from time to time. Everything has changed since May 2017, when Bitcoin began its record-breaking race, touching at some point $ 20,000 at the end of the year.
The peak period for "bitcoin price" searches were the period between December 2017 and January 2018 when bitcoin reached its record price, attracting the # 39; hectic attention of investors in the process. The period between December 24th and December 30th 2017 registered the highest number of searches for the term.
Only two months later, in February 2018, the frequency of the search term has halved when the bitcoin has shrunk to less than half its maximum price. The search frequency then continued with a steady downward trend, interrupted only briefly by a short-term rise between June 10 and June 16, keeping track of a rise in short-term bitcoin prices.
Currently, the frequency of price research is bitcoin & # 39; worldwide at 7 out of 100 – its lowest point since July 2017 – and down. Except for a sudden uptrend in bitcoin prices, it would appear that the search frequency is set to reach 2015 levels that peaked at 2 out of 100.
A similar market rally does not seem to be in game at the moment, as bitcoin remains stubbornly stuck around the $ 6,500, with the broader crypto market showing no sign of sustained upward movement.
The Curious Case of "Hodl" and "Rekt"
It is noteworthy that Google Trends data also show that the search frequency of & # 39; Hodl & # 39; – an error in writing internet terminology – it has also significantly decreased.
Used to denote selling resistance in the face of losses while hoping for an upward run, "Hodl" also reached its highest search frequency at the end of December 2017.
However, since February 2018 it has fallen dramatically, in the end it was exceeded in July by "Rekt", another unofficial cryptography terminology which t means huge commercial losses.
More information on Google Trends' bitcoin investment research queries is available here
Highlighted image of Shutterstock.
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