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2019 was an interesting year for cryptocurrencies. Some would say it wasnât as bad as the crypto winter in 2018 and others would note it wasnât as great as bull run 2017. One thingâs for sure, ever since the all-time price highs, interest in cryptocurrencies has been waning. According to data from Google Trends and Yahoo Finance, searches for the terms âbitcoinâ and âcryptocurrencyâ are much less than they were in the summer.
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Queries for âBitcoinâ and âCryptocurrencyâ Dive in 2019
During the bull market of 2017, interest in terms like âbitcoinâ and âcryptocurrencyâ peaked as far as searches are concerned on the Google Trends scale. After December 17, the scale touched 100 for searches for the word âbitcoinâ and hasnât reached that number since. In fact, searches for the term are currently in line with the number of searches in the spring months of 2017.
The week of May 7, 2017, Google Trends touched a 10 and today the scale is hovering at approximately nine. Search trends for âbitcoinâ also saw a nine on the scale in November 2013 just after the start of that yearâs bull market. During the week of May 2019, searches for the word hit a low of seven but started rising back up again during the months. Data shows that in mid-June people looking up the word âbitcoinâ jumped to a high of 26.
The term âbitcoinâ has a higher concentration of queries in countries like Nigeria, South Africa, Ghana, Austria, St. Helena, Netherlands, Slovenia, Singapore, Switzerland, and Australia. Queries closely related this year include âethereum price,â âBinance,â âIOTA,â and âbitcoin price.â Searches for âbitcoin + newsâ have a different perspective as interest by region for this subject using Google Trends data over the last five years shows the top countries are Slovenia, Switzerland, Austria, Netherlands, and Cyprus. Queries for the term âbitcoin cashâ are the top related topic and the number one related query according to Googleâs five-year data, which is followed by âethereumâ and âIOTA.â
Yahoo Reports Searches for âBitcoinâ 65% Fewer Than Last Year
On December 20, finance columnist for Yahoo, Edmund Heaphy, explained that âcryptocurrency searches crash 84% on Yahoo Search in 2019.â Heaphy disclosed that ânew Yahoo Search data revealed,â that there were 65% less queries for the term âbitcoinâ than last year. The report also noted that the research and data provider The Tie also recorded that institutional investors are losing interest in this technology.
News.Bitcoin.com reported on the Tieâs findings in October when the firm studied 85,000 headlines. âMentions of institutional interest in bitcoin in news headlines have plummeted to a 2019 low after seeing significant growth throughout the summer,â The Tie researchers detailed. âThe data used more than 85,000 unique publication headlines since October 2017.â
Can Halving Anticipation Keep Things Interesting?
Ironically, the drop in institutional interest took place when 2019 was considered a year geared toward derivatives markets like Bakkt and many firms creating custodial services for institutions. As far as cryptocurrency markets are concerned, itâs been a wild ride in 2019 as bitcoin and other digital currencies have been quite volatile.
Despite the lack of searches for the word âbitcoinâ and âcryptocurrency,â queries for the term âbitcoin halvingâ have jumped since August. The current block subsidy for digital currencies BTC and BCH will be chopped in half by spring 2020. This event might be the key element to keeping some public interest as the halving will affect the billion-dollar mining industry a great deal.
What do you think about the waning interest as far as searches for the words âbitcoinâ and âcryptocurrencyâ? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Fair Use, Google Trends, Yahoo Finance.
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