The price may have been falling, but the interest in Bitcoin has been peaking…
by Manoj Sharma for CNR
The top-ranked digital asset based on the market capitalization, Bitcoin, seems to be an increasingly popular search term on Google. As per the data published by Google Trends, Bitcoin searches on Google are now at an eight-month high, even as the price of the cryptocurrency comes under heavy pressure.
At present BTC, like the rest of the market, is experiencing a huge decline in its growth, which began in mid-November. But at the same time, this has led to a reawakening of interest in cryptocurrencies from the general public. It seems there’s no news like bad news…
According to Google Trends, the current interest in Bitcoin is on the same level as it was in April, when BTC’s value significantly increased from $7,000 to $10,000. After this price rally, interest among the public dropped, and the cryptocurrency reached at an 18-month low in public interest – by Google’s figures – at the start of October.
The prolonged period of sideways trading could be the reason for the decline, which characterised the market since the second quarter of 2018.
The recent report from Google Trends shows that people’s interest has dwindled at the least. However, with the limelight generated by the Bitcoin Cash hard fork – along with the civil war in the community it ignited – and the sudden price plummet, it’s no surprise that the currency would see a growth in public interest. At the same time, it’s worth pointing out that the growing interest is nowhere near the interest levels during the last bull run in 2017.