Bitcoin Search Interest Hits One-Year Low as Traders Shift Focus to Meme Coins Amid Market Uncertainty
“Bitcoin” Google search volume plummeted, while meme coin search volume is boosting. Some experts believe we’re not going to see the next level pump in the trade price of Bitcoin with the upcoming bull run, despite sentiments being hugely positive among crypto enthusiasts.
The current trade price of Bitcoin is $62,584, which is 3% down over the last 3 months period. No doubt that the trade price of Bitcoin at the current level is still 40%+ higher year to date (YTD), but here we need to understand the current phase of this innovative space, where everyone was expecting a gigantic rally in the trade price of Bitcoin.
Uptober Failing?
October of every year is known as a bullish month for the Bitcoin market, and it was expected that Bitcoin would show at least a 10% rally in price. However, no significant pump has been seen in the last 14 days, signalling that bullish sentiments might be fading due to similar small bearish factors.
Google Search Volume
According to the latest analysis, Google search volumes for the term “Bitcoin” reached 1-year lows during the week of October 12, 2024. On a scale of 100, worldwide interest in the search term dropped to just 33 by the end of the week. In past bull cycles, searches about Bitcoin across the internet played a vital role in signaling a gigantic rally in prices.
It is worth noting that the search volume for “memecoins” was 77 out of 100 during the same period but has not yet managed to break through a previous all-time high of 100, reached in late October 2023. In short, people are giving more attention to crypto meme tokens, which are seen as useless and lack use cases, while ditching flagship cryptocurrencies like Bitcoin, which have a better future due to their use case and decentralized nature.
Crypto Experts on Bitcoin
Despite these negative sentiments and factors, the majority of Bitcoin analysts are optimistic about the future and expect that 2025 will bring multiple bullish factors for the Bitcoin market pump, as new crypto rules and a crypto-friendly president in the USA are expected to positively impact the big economy.
