Has cryptocurrency lost its footing? Following a three-month period of drooping prices, it appears interest in bitcoin and digital currencies is falling to new lows, and the market value is sinking along with it.
Most major data stems from online searches and Google Trends. One source claims that searches relating to bitcoin and cryptocurrency have slumped by 80 percent since last October. In addition, it says that searches in Japan and South Korea — two of the world’s largest bitcoin havens — have fallen to their lowest levels since March of 2017.
Looking at a recent Google chart, one can see that amongst the three top cryptocurrencies — bitcoin, ether and litecoin — bitcoin is the only one that remains a “global trend.” Ethereum still boasts interest in certain parts of Asia and Eastern Europe, but Litecoin doesn’t appear anywhere.
Another source dated in January 2018 discusses search patterns of the previous three months, and suggests that general interest in crypto has dropped so significantly, the price could ultimately hit $7,100.
This was an understatement compared to what really occurred. Back in February, the price of bitcoin briefly fell below $6,000 in what was considered a new low following “Red Tuesday” and the recent sell-off that had taken place. Though the price recovered somewhat by early March, this prediction became a reality in the short term.
In addition, interest in bitcoin and cryptocurrency related jobs are on the decline according to Indeed.com, though blockchain gigs remain stable enough.
This news comes, however, less than two weeks after Indeed reported a massive surge in cryptocurrency-related job posts. The site claims that the number of advertisements for crypto and bitcoin jobs amongst tech leaders has jumped by over 620 percent since November of 2015.
This could suggest that interest has only dropped for the time being and intrigue in the cryptocurrency arena remains stellar in the long term. It is to be expected that investors and followers of bitcoin would feel disheartened by rapid price declines and the loss of value, but crypto and blockchain technology arguably remain forces to be reckoned with, especially in the tech industry.