Bitcoin tends to hover above $10,000, but the lack of volatility seems to have resulted in less interest in retail and search volume for Google.
Google Trends data shows that “Bitcoin” searches have hit their lowest levels after the March 2020 COVID-19 crisis erupted.
Bitcoin and Google Trends 2020 Edition
It would likely turn in either direction in the cryptocurrency market due to too unpredictable price movements. Through this, Google searches usually reflect a specific asset’s retail interest, and they spike if there is a significant development case.
Therefore, while BTC was rising in value, it did not come as a surprise while interest in Bitcoin surged at the beginning of 2020. Searches on Google exploded during the most extreme days of the COVID-19 pandemic when Bitcoin plunged by 50% in one day.
After the halving, interest fell rapidly again before the BTC exploded in value in late July. As Bitcoin soared over $10,000 and over $12,000 to its current 2020 peak, Google searches also jumped.
The Downturn Of Retail Interest
Since then, BTC has been relatively stable on a macro scale and has led to a decline in investor interest.
As a result, the information from Google Trends indicates that Bitcoin’s global interest has generally decreased. It has been at its lowest point since early March before the pandemic infiltrated the Western world.
It’s worth remembering that Google searches for Bitcoin are still far from the highs of 2017 on a macro scale. As BTC remains stable above $10,000 even without serious interest from the masses, the low interest might indicate a lot of interest-growth space.