As the bitcoin price recovered from $3,150 to $10,915 in just a six-month span, search interest for the asset increased. But, even now, it is nowhere close to the enthusiasm seen in the 2017 bull market during which the bitcoin price peaked at $20,000.
On a scale of 100, in the 2017 bull market, the interest for bitcoin peaked at 100. In comparison to 2017, the popularity of the keyword as of June 2019 hovers at around 12, down a remarkable 88 percent from 2017.
In 2017, virtually every mainstream media outlet in major crypto markets – including Japan, the U.S., and South Korea – provided extensive coverage of bitcoin, fueling fear of missing out (FOMO) among investors.
Primarily triggered by demand from retail or individual investors, the bitcoin price established a new all-time high at $20,000 in the global market, reaching as high as $23,000 in South Korea due to market premiums.
The recent crypto market rally is said to have been led by institutions rather than retail investors. Based on Google Trends interest, it is evident that retail interest in bitcoin does not even compare to the interest seen in 2017.
Hence, if the inflow of capital from institutional investors generally led the market to recover in the past six months without much retail interest, analysts speculate that once retail investors begin to get involved, the market should see the formation of even larger momentum.