Google Search for Bitcoin Has Dropped 75 Percent Since the Start of 2018

“Bitcoin (BTC) needs a new narrative in order to reestablish global attention.” This was a snippet from the email Wall Street analyst Nicholas Colas sent to his clients regarding the state that BTC currently finds itself in.

As the value of BTC declines, it isn't surprising that its popularity has taken a nosedive as well. According to Google Trends, internet searches for the word “Bitcoin” dipped by 75 percent since the start of the year, cutting its fame in half in just three months, Cointelegraph reported.

The process of analysis by Google Trend evaluates a certain term’s popularity through different time periods, with the value of a word considered highest at the 100 mark. For Bitcoin, web search record shows that it was standing at 37 at the beginning of January, but is only at 9 at the start of June.

Moreover, Colas also saw a decrease of new wallets being created in 2018. So far this year, there has been a 3.7 percent growth as compared to the latter parts of 2017, when there was a 7.6 percent monthly increase.

It can be recalled that December 2017 saw the highest Bitcoin value in the crypto market, when it traded for more than $19,000. Now, it only values at $7,425, declining by more than half its peak.

“Bitcoin wallet growth needs to be +5 percent per month to see meaningful price appreciation”, Colas remarked. Having said this, it’s not only BTC that saw a decline in web searches but other cryptocurrencies as well.

The second largest digital currency by market cap, Ethereum, has dropped 70 percent since the start of 2018, while Bitcoin Cash and XRP fell 82 percent and 87 percent, respectively. However, the internet search for EOS, the fifth largest cryptocurrency, has increased by 97 percent, which is likely the result of recent fundraising activity of the company, as observed by CNBC.