Given Google search analysis on the two largest virtual coins on the crypto market, Bitcoin and Ethereum, people seem to have lost interest in trading crypto. Following price decreases, search trends of these digital currencies have dropped a lot, hitting 18-month lows.
Google Trends depicts search interest that users show in any topic for a certain period of time in a specific region. The system uses numbers as a means of measure, where 100 is the highest point. Last week, the system rate for Bitcoin search decreased to a level of 8. This is a significant fall, as such an index was previously seen 18 months ago, at the end of April 2017.
Ethereum, Vitalik Buterin’s creation, is in the same position as Bitcoin. The second largest crypto coin by market capitalization has lost 63 points since January, from 72 to 9.
A similar mood is present on all the main cryptocurrency exchanges, including Binance and Coinbase. The latter shows a decline of 83% in the trading volume since its largest rate. The drop in investor activity is allegedly caused by the prolonged bear market.
Nevertheless, researchers are optimistic in their predictions about the future of cryptos. They think that the trading volume will grow by 50% in 2019 and continue to develop at a 9% CAGR through 2028. Although firstly there will be needed a great increase in mass adoption of fintech, which will be strong enough to spawn a boom in search volume.