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Bitcoin Market is Strong and Steady Yet Interest is Waning

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September 17, 2019 | 

Darryn Pollock |  0 Comments| 

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There has long been a close correlation between the price of Bitcoin and the general interest surrounding the major cryptocurrency. This stems back to the speculative bubble of 2017 that saw the market expanding rapidly as more and more people first heard about Bitcoin and entered the market pushing the price up.

This has been called a Satoshi cycle, where the intresertin Bitcoin rises the price, and that rising prices further increases interest; this compounding effect was seen clearly in 2017, yet it has had negative correlations too as it led to the bubble popping eventually. 

Perhaps the key to this Satoshi cycle type of movement is the infamous price volatility that is known around Bitcoin. The price of the coin is well versed in moving up sharply, and making big headlines, but it is equally well known to drop with a gut-wrenching fall. 

It is these movements that often spark interest, and this interest is often measured by Google metrics and the search term for Bitcoin. However, recent showings have seen that despite Bitcoin sitting strongly above $10,000, and general adoption and institutional interest climbing, Google searches are low and dropping. 

A dropping trend

Data from Google Trends has shown that the term “Bitcoin” is less popular now than at any time since the end of April. April was a time where the cryptocurrency space was coming back towards Bullish trends after a long bear market through 2018. In April, Bitcoin was worth $4,100.

Still, even with the largest cryptocurrency actually trading higher this week than then it appears Bitcoin currently attracts little mainstream interest. On a normalized scale of 1 to 100, “Bitcoin” currently charts at 38 worldwide, after briefly hitting 100 in late June. That performance coincided with BTC/USD hitting its 2019 high of $13,800. 

This dropping trend may have two reasons for happening. One could correlate to the interest in Bitcoin having reached a new threshold of traditional and mainstream interest. It has been noted that there has been a building adoption of blockchain and cryptocurrency through 2019, but it may be reaching a plateau. 

More so, the price action of Bitcoin has been relatively calm and not very interesting. It is when Bitcoin is moving strongly in either direction, at great speed, that people are more interested to know what is going on. Now, with Bitcoin sitting between $10,000 and $12,000 for a number of months there is not much to read or follow.

The double edged sword of volatility

Volatility has been a necessary evil for Bitcoin ever since it broke into the mainstream. Many speculate that the 2017 bubble, while not a positive thing, was necessary for the growth and expansion of blockchain and cryptocurrency. Had that spike not happened, the interest would not have reached such a high proportion, and the advancement of the space would be lagging behind. 

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