Ethereum, Litecoin, EOS, Bitcoin Cash: Crypto Markets Consolidate as Altcoin Google Searches Jump
Most of the top cryptocurrencies hovered within a narrow range on Thursday, as a lack of trading catalysts kept market participants on the sidelines. The latest Google search trends reveal that interest in alternative coins is on the rise, a sign that retail investors and casual market observers are once again looking to trade digital assets.
Crypto Market Update
With bitcoin (BTC) more or less treading water, the top altcoins saw little upside on Thursday. Ethereum’s (ETH) trading range continued to narrow, as prices held above $133.00. Ether was little changed compared with Wednesday.
Litecoin (LTC), one of the year’s biggest trailblazers, held steady between $56.00-$57.00. LTC has been cooling for the past five days now, though downside has been fairly limited. The price bottomed near $53.00 on Tuesday before quickly rebounding back above $56.00.
EOS (EOS) slipped 0.6% to $3.61, where it continues to trade just below a known demand area. The fifth largest cryptocurrency has been choppy of late, trading between highs of $3.84 and lows of $3.49.
Bitcoin cash (BCH) rose 1.3% to trade at $130.65. BCH peaked near $136.00 overnight, where it was on track for multi-week highs. As we reported earlier, BCH doesn’t have much in the way of resistance until $150.00. However, current price action appears to be largely dictated by market sentiment.
The total cryptocurrency market cap stabilized near $134.7 billion. Trade volumes have moderated in the last 24 hours to reach $27.3 billion, according to CoinMarketCap data.
Bitcoin’s share of the overall market has declined steadily over the past week and now sits at 51.2%. The so-called bitcoin dominance rate briefly fell below 50% earlier this month for the first time since the summer.
Altcoins Surge on Google
U.S. Google searches for the word “altcoins” is surging this week, as casual market observers continue to be drawn to the digital asset class. For the current week, the term “altcoins” has a Google trend score of 34, the highest since the second week of October and well above the previous week’s reading of 9.
Searches for “bitcoin” have been consistently higher since the beginning of the year after surging in November amid the crypto market collapse.
Google trends offer an indirect measure of investor interest in digital assets. During the height of the crypto bull market, “bitcoin” and “cryptocurrency” had a perfect trend score of 100, highlighting peak interest in these keywords.
While ‘crypto mania’ shows no signs of returning anytime soon, positive developments around institutional adoption, business innovation and scalability suggest that the bear market is being put to good use. Based on the recent trend scores, it seems like casual market observers are beginning to take notice.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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