Whether cryptocurrency is losing ground? It would seem, which lasted nearly three months, the fall in prices slowed down, but after a short break, the interest in bitcoin and other crypto-currencies dropped to new lows, and with it falls and the market capitalization.
The majority of conclusions about the popularity of the cryptocurrency is based on search queries and data web applications like Google Trends. As stated by one of the sources, since October last year, search queries that relate to Bitcoin and cryptocurrency, fell by 80%. Remarkably, from March 2017 similar requests in Japan and South Korea – the two largest harbors of bitcoin fell to lows.
Considering one of the last of the graphs in Google, you notice that among the three most popular cryptocurrencies – Bitcoin, Litecoin and Ether – the status of «world» are preserved only in Bitcoin. And if Ethereum is still popular in parts of Asia and Eastern Europe, the interest in Lytkino almost fell to zero.
Another source, analysis of search schemes in the last few months, in January of this year suggested that due to the significant reduction in the popularity of bitcoin, its price can eventually be stabilized at around $7 100.
As it turned out, in fact, everything was worse. In February, the price of bitcoin briefly fell below $6 000. This was another new low after the «red Tuesday» and followed it a mass sale of coins. And, despite the fact that by the beginning of March, the price recovered somewhat at the end of the month it fell back below $7 000.
It is logical that along with the drop in prices, a decrease in the interest in specialists in the field of cryptocurrencies, although industry experts blockchain remain in demand.
Interestingly, just two weeks ago, the site Indeed.com reported a significant increase in demand for jobs in the field of cryptocurrency. As representatives of the site, number of vacancy announcements in the cryptocurrency industry from November 2015 increased by more than 620%.
Therefore, we can assume that loss of interest is temporary. It is logical that investors and followers of Bitcoin felt frustrated with the rapid fall in prices, however, there is no doubt that cryptocurrency and blockchain technology will retain great influence, especially in the industry of Finance.
Don’t forget that in Asian countries such as India, the demand for industry professionals continues to grow. This sounds particularly promising if we take into account the position occupied now by the country in respect of the cryptocurrency. Since November 2017 search jobs virtual assets grew by nearly 300% and requests for India Indeed.com increased by 52%.
Indian regulators are not left alone cryptocurrency exchanges and declare that bitcoin and digital currencies are not «legal tender». To combat money laundering and other illegal activities has created a formal working group and in April can be issued new legislative regulations. However, about 10% of all cryptocurrency transactions happening now in India. If we add to this the interest for professions in the field of crypto and General development of Bitcoin in the country, we understand that the decline in the popularity of cryptocurrencies is not happening everywhere.
What we are now witnessing is not a decline but a shift of interest. Not to say that the attention to cryptocurrencies reduced — interest, rather adaptable, as people learned more about them, and the whole affair gradually moving from a General perception to more narrow topics and terms. For example, in countries such as Ghana, Singapore and Austria there is a large interest in Bitcoin and Ripple. In these countries in search queries related to cryptocurrency, is dominated by terms like «ripple price» and «Bitcoin bubble». In countries like Bolivia and Australia, people take more interest in Bitcoin cash.
It is worth noting changes in the behavior of crypto-currency investors, as they undoubtedly have a large impact on the total number of Internet requests. After last year bitcoin topped at $10,000, number of interested cryptocurrency people has increased exponentially. Coinbase user base and other such platforms have grown rapidly, although the majority of new users had very poor ideas about cryptocurrencies, considering them solely as a way to get rich quick.
When, in early 2018 the price of bitcoin fell, many of the latter-day investors have left, having lost hope to become millionaires. Accordingly, the interest and the amount associated with scriptability of requests has decreased. On the other hand, some of the new traders have proven to be surprisingly loyal, mostly young people.
Many sources demonstrate that the interest in bitcoin from the millennial preserved, some students even use for investment funds intended for education. The younger generation now does not drop the interest in bitcoin and Altmann.
As for predictions, according to some analysts, the General interest in the cryptocurrency can once again jump towards the end of this year. Many remain optimistic and believe that by the summer of 2018 bitcoin will reach new heights.
Cryptomnesia and founder of Fundstrat’s Thomas Lee, for example, says that by July of this year, Bitcoin could jump to $20 000. According to him, the current behaviour of Bitcoin is reminiscent of its behavior in April-July 2013, followed by what Lee calls a «frenzied race». He says that if bitcoin will continue to evolve, as now, the figure of $20 000 is quite reasonable.
Your assumptions Do not alone. Project Manager Abra bill Barhydt (Bill Barhydt) said that the next «boom» needs to happen in the coming months. He believes that bitcoin and other cryptocurrencies are preparing for new highs; hedge Fund managers and other interested investment professionals are already considering volatility as a potential opportunity and hurried to add crypto currencies to their portfolios.