The 2024 Bitcoin Price Performance has been underwhelming despite a promising start, failing to capitalize on the momentum of spot ETFs. The fluctuating nature of BTC’s price has dominated conversations in the crypto sphere this year.
Recent On-Chain Data Reveals New Low in Google Searches for Bitcoin Keyword
Impact of Declining Bitcoin Google Searches on Price Movement
In a recent report, CryptoQuant CEO Ki Young highlighted a significant drop in Google searches for the Bitcoin keyword in 2024. This decline, based on Google Trends data, signals a lack of retail investor interest in the market.
Source: ki_young_ju/X
A decrease in searches typically indicates waning retail interest, leaving room for potential price upticks as more investors enter the market. The crypto market often moves counter to popular sentiment, suggesting bullish movements for Bitcoin amidst low Google search activity.
Current Bitcoin Price and Market Trends
As of now, Bitcoin is priced around $63,230, reflecting a 1.4% increase in the past 24 hours. Data from CoinGecko shows a more than 2% rise over the past week, indicating positive performance for the market leader.
Anticipated Surge in Memecoin Searches in October 2024
Contrary to Bitcoin, memecoins like DOGE and SHIB are garnering significant attention, with Google search volume expected to peak in October. CoinGecko data reveals nine memecoins have entered the top 100 cryptocurrencies, showcasing the growing popularity of these assets in 2024.
Memecoin Google search volume is projected to hit an all-time high this month. pic.twitter.com/ZOfsLFwGmH
— Ki Young Ju (@ki_young_ju) October 12, 2024
With memecoins gaining traction, the crypto market landscape is evolving, as indicated by the rise of meme tokens like PEPE, POPCAT, and FLOKI among others.
BTCUSD chart on TradingView
Image Source: Dall.E, TradingView
