The Number Google Searches for Bitcoin related to Bitcoin Prices Changes
Bitcoin’s (BTC) value nosedived to approximately $6,500 last month after staying above the $8,000 for a while. Such a decline marked Bitcoin’s worst market performance over the past seven months.
Nevertheless, even with this aforementioned upturn in BTC’s fortunes, Google Trends demonstrates that global interest in the top cryptocurrency continues to grow any time the asset experiences a sudden shift in price. Also, the term “Bitcoin” reached its highest search ranking since Oct. 26 in November, when the coin traded above the threshold of $9,200.
BTC Google Trends interconnects with its value
According to publicly available data, a majority of this year’s Bitcoin-related Google search interest came during times when the cryptocurrency was either soaring or losing its value.
For example, between June 19 and June 29— a time when the price of BTC grew extremely rapidly from about $9,000 to just over $12,900 — global currency interest reached a peak. Likewise, during the second week of May, a period when the price of Bitcoin grew from $5,500 to just over $8,000, another complementary increase in Internet search was observed.
Nonetheless, Alexey Ermakov, Aximetria’s CEO— a crypto-centered mobile banking network— thinks it is a futile effort to conjure up connections between BTC’s price and its associated online inquiries.
In his opinion, any person or organization who wants to create a pro-Bitcoin feeling on the market and is essentially a means of spreading disinformation on the internet can concoct these connections at any time.
Bitcoin is projected to continue to gain more and more mainstream popularity in the next few months, as the coming halving of the currency is set to take place sometime after the second week of May 2020. By this time, several analysts predict that a new parabolic bullish phase will be undergone by the crypto market as a whole.
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.