Interest in Bitcoin is decreasing. After the significant fall in Bitcoin, many people are actually wondering whether it is the best cryptocurrency to invest in. The interest in Bitcoin is actually decreasing consistently. Moreover, as the different cryptocurrencies become more and more famous and more and more functional as well, the interest in Bitcoin is decreasing consistently.
According to Google, the number of people who are searching for Bitcoin currently is down almost 50% as compared to the peak. This is one of the main indicators that the interest in Bitcoins is actually decreasing.
- Nicholas Colas, co-founder of DataTrek Research, says that search traffic can help forecast price movements in the cryptocurrency market.
- He argues that bitcoin is a “gateway drug” for other digital currencies.
- As interest fades in bitcoin, other cryptocurrencies like ethereum and ripple gain traction, he said.
Since Thanksgiving Bitcoin has witnessed a significant rally
Around Thanksgiving, the interest in Bitcoins had peaked. However, since then Bitcoin has witnessed a significant rally as well. Along with the rally, as people realized that it has reached astronomical levels, the interest of the investors started decreasing as well. Owing to this very reason, today not a lot of people are actually looking to invest in Bitcoins.
The things have been made worse by the recent crash in Bitcoin. Bitcoin has now crashed 50% from the peak. This is one of the main reasons why people are not looking to invest in Bitcoins. Most of the people are not even interested in bottom fishing as well. Also, as the cryptocurrency keeps on falling, people are worried what would be the exact bottom. Nobody is able to answer this question and that is why it is keeping investors away as well.
Current market cap of Bitcoin, it is just around $ 170 billion
Moreover, when you look at the current market cap of Bitcoin, it is just around $ 170 billion. It has reached as high as $ 260 billion and even more. This is one of the main reasons why investors are actually staying away from Bitcoin.
Also, as the search for Bitcoins related terms actually decrease, you can be sure that the wallet creation speed, as well as the investment in Bitcoins, would also go down. When that happens, Bitcoin can be expected to fall even further.
South Korea and China and other countries try to come down heavily on Bitcoin
Moreover, as South Korea and China and other countries try to come down heavily on Bitcoin and enact newer and newer regulations as well, it would be even difficult for the existing investors to think about investing in Bitcoins. This is one of the main reasons why the Bitcoin is falling consistently and many people are not interested even in buying it after a crash of 50%. It remains to be seen whether at any of the level, Bitcoin will be sustainable or not. Most of the investors are pretty afraid that it would not last long and it would again break the intermediate bottom which Bitcoin would create. /source: cnbc