If Bitcoin (BTC) has long been the asset arousing the most interest in the cryptocurrency sector, DeFi will have succeeded in capturing everyone’s attention in this year 2020. DeFi protocols offering the best rates of a On the other hand, and the advent of the bitcoin bull run on the other, it will have been the subject of several searches on the web. An interest in both terms which would now be declining to believe the latest information provided on this subject by Google Trends. Explanations.
Interest in bitcoin as a function of its price over the year
Data published by Google Trends take into account how often a word is searched. This word is thus assigned a numerical value which makes it possible to appreciate its popularity with Internet users. By applying this method, Google Trends was thus able to realize the interest that the public has for the major players in the field, namely DeFi and bitcoin. In the case of the latter, it is clear that the public interest changed as the value of the asset declined.
So during the first week of last month, bitcoin’s popularity was rated at 51/100 according to Google’s rating system. As its price began to drop, this rating also plummeted to 41. This value marking a declining interest in bitcoin held up in the wake of stabilization of the value of the asset in the following weeks. By way of comparison, the score assigned by Google was 100 shortly after the halving either in the midst of excitement about the advent of a bitcoin bull cycle.
The massive influx of capital detrimental to DeFi
Like the madness around a summer hit, DeFi has long been at the top of public research, and this since the beginning of the year. Interest in the term will thus have peaked since the end of March. even though Bitcoin was at its worst. As the fall is often the next step once at this point, interest in decentralized finance has declined sharply.
We will have to wait until the first week of September to witness a regain of form and see the score assigned by Google climb to 99/100. However, this upturn was short-lived, with interest in DeFi rapidly falling to 65/100. The reason would be nothing other than the massive influx of capital to the sector observed during the summer. What many call DeFi boom would therefore paradoxically contributed to reducing the interest of the general public.
The relationship between the decline in interest in bitcoin and its price shows how much the public believed in the many theories surrounding the asset’s bull cycle at the end of the year. It would therefore not be surprising to see Google statistics climb with the value of Bitcoin in the future.