Since the beginning of the year, there has been a steady decline in the number of online searches for the world’s number 1 cryptocurrency, Bitcoin. The number of Bitcoin searches online have reduced. At the moment, it appears about 80% of those that used to check up Bitcoin online no longer search for it. While the decline in the Bitcoin searches online continues, lots of cryptocurrency enthusiasts are not sure what exactly this decline means. In as much as this decline might mean different things to various people, there are generally accepted reasons for the drop in Bitcoin searches online.
That being said, below are some of the reasons for the decline in the rate of Bitcoin searches online.
The Drop in Bitcoin’s Value
The drop in the value of Bitcoin is considered one of the major reasons why there has been a steady decline in Bitcoin searches on google or on other online platforms. When the price of this cryptocurrency at the moment is compared with its price late last year, it is obvious that Bitcoin has lost some lustre. As at the beginning of the year, the price for one Bitcoin was above $17,000. However, 6 months into the year, the price has nose-dived and is now a little over $7,000. Although the current price of this cryptocurrency is still above $7,000, it is expected that there will be a further decline in the price of Bitcoin which might also lead to a further drop in the rate of Bitcoin searches on google or other online platforms.
The Presence of other Cryptocurrencies
Since the invention of Bitcoins in January 2009, there has been a steady rise in the number of available cryptocurrencies. Some of them include Litecoin, Ethereum, Bitcoin Cash, etc. While these relatively new cryptocurrencies do not enjoy the level of acceptance that is enjoyed by Bitcoin, they have successfully competed for relevance in the cryptocurrency sector. The implication of this is: the monopoly that once existed in the cryptocurrency sector no longer exists, thereby leading to a decline in the number of Bitcoin searches on google.
In addition to competing with Bitcoin for the attention of investors, the more recent cryptocurrencies have worked on a number of the challenges that are faced by Bitcoin. This has also led them to grow in popularity while the popularity of Bitcoin gradually declines.
Bitcoin searches online are not needed by Loyal Bitcoin Investors
Bitcoin has been around for close to a decade. As a result of this, a large amount of its investors already know all that they think they should know before investing in it. They know the current position of Bitcoin in the cryptocurrency market. With this, they can go ahead and invest without searching for Bitcoin on Google.
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