Bitcoin seems to be in the focus of the latest crypto news especially because of its weekly growth of 25% which saw it among the most popular cryptocurrencies this week. Aside from that, BTC is the most dominant cryptocurrency and the most popular out there.
However, it seems like this popularity is growing in the mainstream because of the recent surge. According to Google Trend data, there has been a spike in searches for the term “bitcoin” – in fact the all-time high spike in 2019.
Achieved on April 2 when the price of Bitcoin surged nearly 20% in a single hour to clock $4,961 which was the highest price since November 19th, the Google searches were on-par with the rise.
And while we don’t have the exact number of searches listed by Google Trends, the term “bitcoin” reached 90% of what it was on November 20 as shown in the chart on the Google Trends page.
Indeed, the “bitcoin” searches skyrocketed on Tuesday as investors, traders and the media alike were searching for the reasons behind the bitcoin price surge. Interestingly, most searches came from countries that were not the most likely of origins.
According to Google’s data, the largest amount of searches on April 2 and April 3 came from countries like St. Helena, Netherlands, South Africa, Nigeria and Austria in that order. What’s interesting is that neither the United States nor the United Kingdom or Canada crack the top 10 of most “bitcoin” searchers ranking in at 11, 12 and 17 respectively.
The significance of a spike in Bitcoin searches may seem trivial at face value. However, studies have shown that there is a definite connection between the price of the cryptocurrency and its search interest.
According to the findings, the periods of low search volumes tend to precede large markups in price that coincide with Bitcoin’s famous or perhaps infamous wild market cycles.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]