Is there less general interest in Bitcoin? According to Google Trends if
Most people have at least a notion of what Bitcoin is, but this does not imply that they are really interested in it. Proof of this is found in Google Trends, where Google searches for words related to this cryptocurrency are far from their peak in 2017.
What’s more interesting: Institutions and those already involved with cryptocurrencies seem to be the ones behind much of this year’s price fluctuations. Three years ago, BTC crossed its highest all-time price to attract public interest.
What does the little search for BTC or Bitcoin on Google Trends suggest?
Although Google is not the only search engine that exists in the world, we must recognize that it is the most popular. Therefore, it is always good to check the Google Trends logs to see how much people are interested in a specific topic.
In this case, despite everything that has happened with cryptocurrencies, it seems that the general public still does not realize it. Specifically, Google Trends data shows that the number of searches for terms such as “Bitcoin,” “Ethereum,” and “crypto” is much lower than at the end of 2017.
The continuing civil unrest around the world may explain the lack of public interest. Another cause may be the fact that the price of Bitcoin remains below its all-time high. Meanwhile, other data sources suggest that a greater number of investors and large players are moving into the market. This includes the Bitcoin whales that we normally track on CryptoTrend.
Even with the rise of DeFi this doesn’t seem to vary much, or even close to 2017 levels. Recently, OKEx Insights made some reports suggesting that retail investor-sized bitcoin transactions fell sharply after Black Thursday.
Final comments
The same report suggests that market volatility and the recent consolidation of over $ 10,000 have coincided with an increase in the number of larger Bitcoin transactions. The report’s authors speculate that this may be evidence of an increase in institutional purchases.
Meanwhile, Google Trends shows that searches for “DeFi” have been growing throughout the year. However, they are still much lower than “Bitcoin” or “Ethereum.” This suggests that most of the interest in the still-young niche comes from the crypto industry itself.
Thus, it is valid to say that retail investors may need to see BTC to break its all-time high before the cryptocurrency is back on their radar. Even after the Halving, the interest generated in 2017 could not be surpassed.
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