Google Searches For Bitcoin Hit Lowest In Five Months
It appears like most individuals are not as much interested like it was previously in bitcoin. This is due to the fact that Google searches that are using Bitcoin as the keyword is at the lowest.
Indeed, this is the lowest recorded when based on the Google trends since the time Bitcoin traded $5,000.
The match with market prices
Some analysts use the google searches to indicate the market trends. As result, they have noted a decreased activity on bitcoin keyword searches. They say since the New Year there has been a drop for the same of about 80%
However, slowly it has regained its value with it previously being as a result of the fluctuations in the market drop.
According to the trends, some have gone far to correlate the google searches in relation to bitcoin with trade activity. Data Trek Research- Nick Colas say that there is a lot of lateral movement currently in the market opposed to investor money. That means investors take money out of bitcoin and put it into Litecoin and Ethereum which later show gains in them as they get used in searches while there is an increase in market cap.
To this moment Google has been the best and very reliable indicator as it simply showed the way up and currently it is as well showing the way back. Colas as well go as far as to say that as things stand- the trends, he sees a hard period for the prices to recover anytime soon as there may not be a rebound quite well in the search percentages.
Can Google Searches Predict All Investment?
Closely, google searches represent a single person or a small group investor interest but it doesn’t represent institution investors.
Despite the google searches at their lowest as compared to the past five months, people aren’t really turning away. Besides, it is wise to say there are individuals who understand it better than a few months ago.
Many don’t consider it really a threat though in regards to it remaining volatile. There is helped from prominent industry players and veteran investors who are informed well about the market with the likelihood of it changing the world.
It’s inevitable that the google searches drop will rise again, just like it has always done before. It is good to note, however, that this doesn’t signal some change with how people think or simply the direction in which the market is really headed.
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