Bitcoin Sun is setting in the West!
It is tough to trust that after the 1,400 percent rally of 2017, the great crypto craze has become normal, at least for now. Last month, Bitcoin’s price hampered between $8,500 and $11,300 — a minuscule range by its standards. And internet searches for “Bitcoin” have fallen, suggesting public interest has, too.
Lucas Nuzzi, a senior analyst at Digital Asset Research:
“The general public now realizes that this is not a risk-free, get-rich-quick, investment opportunity and general interest has since diminished.”
The 2018 pause reveals how faster investment trends can come and go. The bitcoin dominated talk at holiday tables has gone for now. Stories recently look a lot like the ones in the back sections of financial papers dry accounts of regulatory scrutiny, market structure, and legal wrangling.
According to Google Trends, online searches for “bitcoin” has fallen 82 percent from December highs. BitInfoCharts says that Tweets that mention the coin peaked Dec. 7, at 155,600, and are now down to about 63,000 and according to Blockchain.info the number of bitcoin transactions is off 60 percent from its record on Dec. 13.
Roger Kay, president of research firm Endpoint Technologies Associates Inc also shared his opinion.
“The story with Bitcoin is pretty straightforward. It went up quick, and then came down even faster. Customers who gathered around it late got burned. They are in the shadows now, licking their wounds. And others contemplating how to get rich quick are acutely aware that what goes up can come down, and maybe Bitcoin isn’t the way to go about it.”
As of now, the deterioration might be the new normal as the decline in the public interest could drop Bitcoin in what for it could be considered a tight range. Remember, after a rally boosted its price 84-fold in 2013, it tumbled back down in the next week and held there until lifting off again in 2017.