The “Bitcoin” word in web searches dropped 75% since the beginning of 2018, according to a report June 4.
CNBC also mentioned that the co-founder of Datatrek Research and Wall Street Bitcoin analyst, Nicholas Colas, correlated the declined web searches to the coin’s price rates that have dropped by approximately 50 percent this year as soon as the word “Bitcoin” sunk.
“Bitcoin needs a new narrative in order to reestablish global attention,”
Colas declared in an email to his clients.
Bitcoin’s popularity was 37 just the beginning of January and dropped to as low as 9 by the beginning of June. Colas also noticed the comparison between the current period of Bitcoin wallets to when Bitcoin prices neared $20,000.
The number of new wallets’ growth in 2018 was only 3.7 percent opposed to 2017’s which increased up to 7.6 percent monthly. Colas also concluded,
“Bitcoin wallet growth needs to be +5 percent/month to see meaningful price appreciation.”
Google searches for other cryptocurrencies are also in decline, including the second largest cryptocurrency by market capitalization, Ethereum, collapsed by 70 percent since early 2018, Bitcoin Cash has lost 82 percent and XRP decreased 87 percent.
However, the fifth largest cryptocurrency EOS’ searches have topped 97 percent in 2018 due to the company’s fundraising efforts.