Cryptocurrencies enter into Google slump

“We use Google Trends to track search queries for ‘Bitcoin‘ as a proxy for potential new buyers,” says Colas in an email, in which he states that, “Bitcoin needs a new narrative in order to re-establish global attention.”

He adds that Google searches for the majority of the top altcoins are also in decline, with Ethereum registering a 70% drop and Ripple 87% since 1st January. However, the fifth largest cryptocurrency by market cap, Block.one’s EOSIO, has clocked up a 97% increase since the beginning of this year.

This could have something to do with the startup’s announcement that it raised over $4 billion through the cryptocurrency in a 12-month ICO which ended last week. “While there’s not necessarily a direct correlation between Google searches for Bitcoin and the price of the digital currency itself, there is reason to believe that a drop in Bitcoin searches is bad news for the cryptocurrency,” notes an article on Investopedia.