According to a recent report from The Block Research, online activity for Bitcoin is much lower than it was in late 2017
According to research conducted by The Block Research — Google searches, recent Twitter followers for cryptos and viewership on Bitcoin’s Wikipedia page are all far below the levels seen during the 2017 BTC bull run.
Additionally, the trade volume of Bitcoin/USD is lower than in 2017, which may suggest that the mass adoption of Bitcoin is further away than some have predicted.
While this may be a disappointing situation for some Bitcoin supporters, it could also mean that the biggest gains are still to come.
Marginal buyers and sellers set the price in any market. In the case of the Bitcoin market and cryptos more generally, lack of attention shown by The Block Research’s recent report would indicate that Bitcoin is no longer in bubble territory.
Bitcoin may be on the cusp of a big run higher
Bull markets tend to end with high levels of public interest, which is exactly what happened in 2017 when BTC prices almost reached $20,000. Now,, interest in Bitcoin is eight times lower than the week in 2017 when the token hit its highest price to date.
New Twitter followers for major exchanges such as Binance are also far lower than where they were in late 2017 and early 2018. Depending on the dates used for measurement, Twitter followers on similar exchanges are as much as 50 times lower today.
In short, the recent report shows a huge drop in market participants for the crypto industry compared to the heady days of 2017. Larry Cermak at The Block stated that even though there are fewer participants, the crypto framework has matured substantially in the last two years and there are now many institutional products available.
New tools for uncertain times
When Bitcoin prices were peaking in late 2017, there were few tools in place to take advantage of the blockchain, especially for people who need to be able to use the global fiat currency system.
While media engagement for cryptos may be lower today than a few years ago, there is a robust development culture for Bitcoin, Ethereum and many other tokens. Major investors like Paul Tudor Jones have also called for higher Bitcoin prices, and many have bought into it via direct investments or derivatives.
There is no way to know if prices will rise from here, but it is unlikely that the lack of interest in decentralised tokens signals the end of a bull run.