Fewer people are Googling 'bitcoin' ... what does that say about its popularity?
As bitcoin storms through $8,000, booking fresh cycle highs by the day, many analysts think it’s safe to assume that the leading digital currency is truly back after a calamitous 2018.According to data from Google GOOGL, -1.03% “bitcoin” as a current popular search term greatly trails its search popularity in late 2017 when the digital currency was worth nearly $20,000. For the period May 5-11, the search term on Google scored a 9 on the popularity scale of 0 to 100.
“The recent bout of strength is not retail driven,” said Dorman. “There’s some big family offices, direct buying in the OTC [over-the-counter] markets and the hedge-fund space. They are certainly not Googling bitcoin.” But, Dorman said it’s too soon to draw any hard conclusions from the search data, adding that the trends are not indicative of waning retail interest when asked if this was the case.
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