Google searches for Bitcoin might have experienced a rapid decline this year – but it’s not all bad news. In spite of a 75% drop, it’s still far and away the most searched for cryptocurrency in the world. Plus, in a somewhat odd surprise, Bitcoin is actually beating global music superstar Beyoncé on Google trends. Data related to Google searches can often be somewhat misleading, but facts are facts – Bitcoin is beating Beyoncé in 2018.
Trending Around the World
Considering Bitcoin’s recent price slide, this news will come as little solace to anyone hoping for an upswing in value. However, Bitcoin’s consistency as a top trending topic around the world proves that the discussion surrounding the leading crypto is still prevalent. In comparison to Bitcoin, there was only one moment this year where Beyoncé was trending higher. Her performance at Coachella saw a surge in Internet searches, but it wasn’t long before Bitcoin was back on top once again.
From Beyonce to the Bear Market
Bitcoin being discussed more than Beyoncé is certainly a piece of lighthearted news that Bitcoin followers might be able to get a chuckle from. The topic actually came up during an episode of CNBC’s Futures Now program, with Bitcoin analyst Brian Kelly happy to reveal the little-known piece of information. Kelly was all-business when it came to Bitcoin’s bearish performance. He said, “What I’m really looking for is some kind of movement, a bounce off $6,500. We don’t really have the volume [and] there aren’t a lot of catalysts that I can see coming up in the very short term.”
Kelly, who was eager to present his calculations, feels that $6,500 value represents a fundamental mining profitability support level. This is based upon the assumption that miners update hardware approximately every year and a half, bringing mining costs to between $5,900 and $6,000. Kelly said, “$6,800 seems like a pivot to me.” He followed up by saying, “If I had to look for another level as a short-term trader, I’d look at the $6,800 level, that acted as resistance over the weekend. We saw a jump up above that and now we’ve broken back through.”
Feeling the Drop
Before Bitcoin’s price tumbled, Nick Colas – a pro-Bitcoin Wall Street analyst – felt that the interest in Bitcoin and cryptocurrency was waning. The reason being that public interest indicators have weakened, with Bitcoin specifically suffering a drop in Google searches. Obviously, Colas didn’t make any comparisons to Beyoncé, but statistics do show that Bitcoin search numbers are falling.
Reeling from Rising Losses
At time of writing, Bitcoin’s monthly losses stand at approximately 25%, with market trade volumes falling to $4.5 billion from $7.4 billion last month. Beyoncé’s and trending comparisons aside, there is certainly cause for concern regarding Bitcoin right now. As Google searches continue to tumble just as fast the cryptocurrency’s value, it will be interesting to see how and when Bitcoin gets back on track.