‘Bitcoin Dead’ Rumours Reach All-Time Highs as Web3 Overtakes Google Trends

The global crypto community has started considering Bitcoin Dead as Web3 overtakes Google trends

Google trends for "Bitcoin dead" have spiked since mid-June and likely reached the highest level on record. Google Trends tracks interest in search terms over time, assigning scores of 1 to 100 based on the total number of user queries. The data are anonymized, categorized by topic, and aggregated based on location. The global crypto community has started to redirect its interest from Bitcoin (BTC) as Web3 overtakes Google trends.

In order to keep up with decade-long innovations spanning from blockchain-based applications to nonfungible tokens (NFTs), crypto investors and enthusiasts rely on searching the web — disclosing their true sentiments in real-time. Most recently, searches for the term 'Bitcoin dead' reached an all-time high owing to peak anxiety among investors amid ongoing sell-offs at the time.

As a result of the prolonged bear market, global Google trends for Bitcoin have reached their lowest point in over a year. On the other hand, Google trends for Web3 have picked up steam and recorded an all-time high in terms of peak popularity in 2022.

Bitcoin Dead: Why is BTC still falling?

There have been several instances where Bitcoin soared more, giving investors the hope of reviving their investments. In fact, after the Biden administration released the executive orders that encourage making a framework to adopt digital assets, the Bitcoin price spiked. The government is also reportedly examining the major opportunities that major cryptocurrencies like Bitcoin have to offer. While this step welcomed those who believe that they can benefit from the greater regulatory conditions, several others sold off their Bitcoin holdings, leading to a major crypto crash. Besides this, the framework designed to control inflation harmed the price of BTC. High-risk value assets tend to decline severely when there are any policy changes.

Due to several reasons similar to those, Bitcoin's value dipped sending investors into a panic mode. Leaving behind the forthcoming regulatory measures and investor sentiments, analysts have predicted BTC investors should also be prepared for the prices of all digital assets including Bitcoin to move about the prices of traditional assets. Lesser-known cryptocurrencies may move with or without the correlation of traditional assets, but major assets like Bitcoin and Ethereum would directly co-relate with conventional assets.

Web3 Overtakes Google Trends

With over 320 million active users worldwide, the cryptocurrency surge globally has set the stage for accelerated Web3 adoption, says the latest report. Nasscom on Wednesday released a study with Hashed Emergent on India Web3 Start-up Landscape on the sidelines of the Nasscom Product Conclave held in Bengaluru. Web3 incorporates concepts such as metaverse, blockchains, and non-fungible tokens (NFTs). Web3 in India is being led by decentralized finance (DeFi) and NFTs. Cryptocurrency trading is a subset of blockchain-based solutions. Experts believe that the Indian Web3 Market will reach US$1T in near future but the government, on the other hand, might not comply.

The focus on Web3 in India grew rapidly in 2015-17 with the launch of Ethereum but grew phenomenally in 2020-21 after the national cryptocurrency ban was lifted. The report says the country's Web3 start-ups have focused less on purely speculative cryptocurrency trading. Instead, they are focusing on building diverse Web3 solutions across all major application areas. At present, only 29% of current solutions include cryptocurrency token trading.

According to the report, Web3 start-ups in India have grown to over 450 in the last two years, and they have raised $1.3 billion in investments till Q12022, which is expected to cross $1 trillion in the next 10 years.