Bitcoin and other cryptocurrencies have seen a drastic decline in exchange traded volume, transaction volume and overall interest in both traditional and social media. In this video, we discuss the decline in Bitcoin exchange volume, Bitcoin transaction volume and the increase in NVT ratio.
We also explore how media sites like Coindesk and Cointelegraph are starting to see their monthly visitors decrease as their Alexa ranks flatten and Cointelegraph sees a substantial 25 - 50% decline in views on some of its most popular price analysis articles.
Additionally, social media interest in Bitcoin and other cryptocurrencies is beginning to decline as well, as we see the /r/Bitcoin & /r/Cryptocurrency subreddit subscriber growth plummet. Both views and subscriber growth has been significantly stunted on YouTube as well almost across the board. There appears to be decreased interest in other social media as well, including Twitter.
In my opinion, this is evidence that most people only care about price, not the "technology." The sideways trading action in the market over the past month has led many people to become "bored" with only minor double digit movements (I get a chuckle out of that) and less people are interacting than before.
Will interest pick back up again? Perhaps once volatility enters the market again, especially if we see a breakout to the upside, but it appears many people were burned from the last crash and sold out or otherwise became disinterested. What are your thoughts on this macro trend?