Bitcoin (BTC), Cryptocurrency–While market prices continue to look shaky for cryptocurrency and the broader altcoin market, Bitcoin managed to score a minor win on the day. According to the analytics trending tool published by Google, “What is Bitcoin?” was the most searched phrase for the question-asking category for 2018. Both United States and United Kingdom Google users searched for information about the number one cryptocurrency by market capitalization more than any other topic, giving an indication that–while some would proclaim the technology a bubble in the process of bursting–there still remains interest in the field of cryptocurrency.
Rounding out the top five included “What is racketeering,” “What is DACA,” “What is a government shutdown” and “What is Good Friday.” Bitcoin’s top position for Google’s rankings comes at a time when the currency is experiencing its relative lowest point for the year. Last week EWN reported on the state of the crypto markets in 2018, with BTC experiencing its worst monthly loss in November since August 2011. The price fall for Bitcoin comes at the tail end of an already bearish year for cryptocurrency, seeing the entire market capitalization tumble from over $800 billion to its present value of $110 billion.
Bitcoin, in particular, has ceded its share of losses, dropping from close to $20,000 at the end of December 2017 to today’s trading price of $3500. While some analysts have pointed to indicators that BTC and the crypto markets may be entering oversold territory, with a potential bounce coming for investors, others have pointed to a much dire future for crypto into next year.
News of search interest for the cryptocurrency is a welcomed sight for investors amidst the price fall, with many claiming a fundamental lack of understanding by the general population for being a catalyst to Bitcoin’s recent price drop. As opposed to learning about the technology and the potential for cryptocurrency, investors through money at BTC, altcoins and ICOs with abandon throughout 2017’s bull run, leading to the bloated market prices to start the year that would inevitably lead to the crash.
With the conversation shifting from the daily price movement of Bitcoin and the money to be made from investing in the digital asset, industry enthusiasts are hoping to garner more focus on the development and adoption for the technology. Last year saw “blockchain” and “cryptocurrency” become to buzz words, similar to the social media and app-development frenzy in the early part of this decade, which fueled unrealistic expectations for the industry. Bitcoin, as a technology, was unprepared to handle the influx of consumers, which led to the service becoming nearly unusable with skyrocketing transaction fees and unacceptable confirmation times. Detractors of the digital asset quickly latched onto the flaws of the currency under high network stress, leading to a negative shift in sentiment for the viability of cryptocurrency and contributing to the growing investment uncertainty.
With the market turned at the start of the year, it did so with equal ferocity to the bull run which ended 2017. Now, entering the final month of 2018, the majority of currencies are sitting on over 90 percent losses since their last all time high, with most financial analysts calling for further crypto blood and claiming that the bubble has finally popped.