The search rate for Bitcoin Price in Google plunged with reduced website traffic that dipped the cryptocurrency to its historical low, says Google Trends. Google Trends is a web service that enables the users to get a suggestion of search terms with respect to the total search volume conducted by the net users across the globe. Since 2015, the search for the most valuable digital currency, Bitcoin price on Google has significantly fell.
In a period between 2013 to 2017, report suggests that the search frequency of Bitcoin Price remained steady. However, in late December 2017, when the value of the top most digital currency sky-rocketed and posted its record gain hitting $20,000 mark, the situation in Google Trends took a U-turn. Following this historic price hike, the search for the term Bitcoin Price reached its peak between December, 2017 and January, 2018.
With this spike in value of the crypto, the investors and financiers got readily attracted to invest in it. As per CNN report, between 24th December to 30th December, last year, videotaping recorded the highest searches for the term. However, it is expected that the value is likely to follow 2015 pattern where the term was searched twice in every 100 searches.
Currently, the search frequency hovers around only 7 from 100, which continues its downward trajectory and hits the lowest mark since the month of July. It seems that the search pattern will likely to assume the poor 2015 search pattern which had just two out of 100 searches. The current market trend is not favourable to push up the search volume since the price of the coin hovers around $6,500.
It is interesting to note that the search rate reduced to half in February, this year when the price of the top crypto dipped. This marked the starting point when the search frequency began treading on a downward trajectory. However, the downfall was intervened by brief periods of surge within 10th June and 16th June.