Key analyst Nicholas Colas has claimed that bitcoin is losing its appeal as alternatives such as ethereum gain more influence.
Speaking with CNBC, the co-founder of DataTrek Research, told the channel that despite the trippling of worldwide searches for the cryptocurrency in December, that volume has since fallen 75 per cent in the first month of 2018.
“It’s very much the case where you have to hold interest in new bitcoin owners to get bitcoin to go [back] up,” Colas said. “Right now [the Google search data] is telling me there’s not really that next leg up in bitcoin because there’s not that leg up in interest that leads to wallet growth that leads to price appreciation.”
While bitcoin is the most famous form of cryptocurrency – the “gateway drug” as Colas calls it – it’s time may be up as other options like ripple or ethereum showed better results in January.