Guess what people, not only the price of Bitcoin is dropping since the start of the year, but the enthusiasm among retail investors has declined to a three-year low. In fact, Google Trends data shows that the inquisitiveness among investors for ‘Bitcoin Price’ with the valuations of the cryptocurrency market tumbling down by nearly 75% from its all-time high above $800 billion.
Moreover, the report provided by Google Trends perfectly depicts how global investors have reacted to the changing fluctuations in the cryptocurrency market.
I mean, If we go back to historical data for the past five years, the search frequency for the Bitcoin price was almost flat from 2013 to the mid of 2017 with some little spikes seen every now and then.
In May 2017, investors were getting more and more curious as Bitcoin was about to make its historic high of $20000 by the mid of December 2017. Google Trends data shows that the peak of the ‘Bitcoin Price’ searches was maximum during December 2017 and January 2018 with the world’s largest cryptocurrency becoming at the center of attention for almost every investor.
After that, investors started looking for other factors like future price predictions for Bitcoins, rising prices, as well as return on investments (ROI). However, as profit-booking started in the mid of January 2018, crypto markets witnessed a dramatic downturn and so was the downfall in investor participation and interest.
Later in February 2018, the search frequency for Bitcoin price witnessed a 50% decline from its peak, then it took a gradual slowdown until the periodic bull-run of June 2018 when the Bitcoin price climbed to $10000 and above. However, after that, the frequency has fallen again and currently sinking to its three-year low since 2015.
In the meantime, everyone seems to be waiting for a further Bitcoin rally without having to “Google it”, since most investors are aware of cryptocurrency currently holding around $6500 levels but still continues to face a huge selling pressure.
Do you know what else is dropping?
The data are also showing a consistent drop in the ‘HODL’ frequency, while on the other hand there is a growing ‘REKT’ frequency.
[HODL is a popular term used in the crypto sphere to classify crypto investors having a long-term holding strategy refusing to sell-off their holdings over short-term price fluctuations. REKT, on the other hand, is a popular crypto term used to describe huge trading losses.]
And so, there is a considerable drop in the number of “HODLing” while the REKT frequency has been growing consistently to the point of overtaking the HODL frequency in July this year.
In the end, the Trends Data might not matter as much as real prices do, but they do somehow reflect the critical condition of the crypto market Today.