Internet search on Google using the keyword Bitcoin is falling, data indicates.
Google searches looking for Bitcoin has reached its lowest level since October, Google Trends show.
An analysis of Google Trends graph prove that Bitcoin search volume and its exchange rate are strongly correlated.
The maximum volume of Google search requests for bitcoin-related terms was recorded in the week starting on December 17 when the coin surged to its all-time high rate of nearly $20,000.
But in the following weeks, the bitcoin exchanges witnessed a deep fall, slipping below the $7000 mark. Correspondingly, Google search volumes too went down.
While Bitcoin fell in value about 40 percent from its peak in December, searches with the word Bitcoin dropped by about 80 percent.
As the Net world seems to be losing interest in searching for Bitcoin or Bitcoin related keywords anymore on Google, lots of people seem to be excited about Initial Coin Offerings (ICOs), and Blockchain technology, according to Google Trends.
Nick Colas, DataTrek Research co-founder, said he doesn’t see a price recovery based on the current trends.
“So far (google) it’s been a very reliable indicator, it showed us the way up and now it’s showing us the way back down,” he told CNBC.
Bitcoin, bitcoin price, bitcoin value, bitcoin to USD and bitcoin mining were the top 5 bitcoin-related keywords by search volume.
Data shows the people in South Africa displayed strong interest for the cryptocurrency with highest Google searches for ‘Bitcoin’.
They are followed by Slovenia, the Netherlands, Singapore and Austria.