The interest in the Bitcoin and other cryptocurrencies has posted a mixed picture in the year 2019. More specifically, Bitcoin, which happens to be the largest cryptocurrency by market capitalization, has witnessed a steady decline in its popularity among masses this year. This decline can be attributed to the fact that Bitcoin prices – which were initially speculated to be making a recovery in 2019 – failed to live up to the expectations.
Google Search Trends
Google Trends for Bitcoin confirm that the cryptocurrency has suffered a major drop in its popularity around the globe. Some of the major markets for Bitcoin, including countries like the US, UK, China, etc., have witnessed a decline in Bitcoin search, which essentially means the magic of this digital coin is on the wane.
The Google search word analysis emphasized that in the United States of America, the Bitcoin search dipped considerably in 2019 compared to the previous years. Although some business cities and hubs, the search for Bitcoin continues to remain on the higher side, but that is not true for cities or regions; their business and trade prospects happen to be on the average side.
Similarly, the various regulatory mechanisms adopted by the Chinese government have a direct impact on the popularity of Bitcoin. Also, make note that the long-term impacts of hard and rigid cryptocurrency policies adopted by various governments are negative, although, in the short run, it can increase the number of searches related to Bitcoin and other cryptocurrencies on the internet.
According to the experts and analysts, the interest in Bitcoin and search for it as a keyword has a close association with its prices. The volatility in the prices also positively influences Bitcoin search as it is only when the prices start rising the mainstream investors pick up interest in Bitcoin. For example, take the month of April earlier this year when the prices of Bitcoin started rising from its $3500 level, and with this increase in price, the popularity of Bitcoin in the search word analysis also started to rise. Now with again prices of the Bitcoin coming down and becoming a bit stable, the interest in Bitcoin has also started to fade away. Some of the other incidents, like media attention and unanticipated changes in the valuation also impact the popularity of Bitcoin.
It can be safely concluded that there is a direct correlation between Bitcoin’s popularity and its valuation. The positive trends are bound to attract not only mainstream investors but also the public at large while helping the wider adoption of the cryptocurrency. We can also consider the strengthening of the overall crypto sphere and blockchain technology as the positive influence of the ecosystem is sure to rub on the popularity of Bitcoin in the long run.