Bitcoin (BTC) search entries grow in a moment in which the market reached new year lows. Bitcoin was traded close to $4,000 what generated a sudden interest for the virtual currency. Bitcoin search entries in Google Trends were the highest since March. What does this mean for Bitcoin?
Bitcoin Search Entries in Google Trends Spike
Bitcoin has experienced a very hard year. Most of the virtual currencies lost more than 50% of their price and some of them more than 99% of their value. Bitcoin was not the exception. Since Bitcoin reached $20,000 dollars at the end of 2017, its value dropped almost 80%. Moreover, there are some experts that believe that prices could go down even more.
During 2017, Google Trends shows that the interest in Bitcoin grew during all the year. This is completely different from what happened during 2018. When the current year started, Bitcoin search entries dropped as well as Bitcoin price.
However, the last weeks were very moved for the crypto market. In September XRP doubled its price. During the first week of November, Bitcoin Cash (BCH) increased is price before the hard fork planned for November 15.
Since November 14, the market started to behave in a bearish way. Most of the virtual currencies lost around 15 per cent of their value. A few days later, another 15% dropped affected the whole market. Bitcoin moved from $6,300 dollars down to $4,170 in some exchanges in less than 10 days. This represents a 33% drop.
Due to this situation, investors seemed worried about what would happen to virtual currencies in the future. For example, one of the searched terms was ‘Is Bitcoin Dead?’ Bitcoin might be starting to see the bottom for this bear market, but the question is when it will happen.
According to Bloomberg analysts, Bitcoin could see $1,500 dollars in the near future. That would represent a further drop of 65% in Bitcoin’s price. Bitcoin Hash Rate has also reached the lowest level since May. This also shows that some miners are not being profitable at these current prices. Since the hash rate reached an all-time high it has lost already 44% of TH/s.
About it the Twitter user and analyst @XCBitcoin wrote:
“Hash rate dropping hard as unprofitable miners begin to capitulate here with $BTC. As price drops so does sell pressure on the price of Bitcoin.”
https://twitter.com/XCBitcoin/status/1065798460002246657
Currently, at the time of writing this article, Bitcoin is being traded close to $4,350 dollars. It also has a market capitalization of $75.62 billion dollars. In the last 24 hours, it registered a price increase of just 0.16%, which is relatively stable.
The increased search entries in Google for Bitcoin could also mean that there is a bigger interest for Bitcoin.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
