Google Trends: interest in BTC is only 16%
Interest in bitcoin is now 16 points out of 100. Even in the summer of 2019 and May 2017, the popularity of bitcoin was higher. This situation is quite intriguing, especially considering that this was the case the last time the $ 1,000 max was broken.
Two reasons for the lack of demand
Google users are not really looking for bitcoin on the hype wave. There is no demand, just the supply of cryptocurrency has decreased by 2 times. This was enough to raise the price of the cryptocurrency to $ 23,000.
The proof is that the transaction fees on the Bitcoin network are only $ 2, not $ 20-100, as it was on the wave of the hype in 2017. This means that people did not use more bitcoins, but sales simply fell. In particular, because the miners had nothing to sell.
The market is dominated by institutional investors who do not need to search for BTC in a search engine. They have more complex and functional tools.
In 2017, the high demand for bitcoin was due to the fact that people with free assets in the amount of 10 thousand dollars were interested in investments. There were many of them, and therefore there was a high demand in Google Trends.
It is likely that both explanations are relevant. Let's see how the situation will develop further!
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