Recent data from Google search engine shows that the searches for the word Bitcoin have reached the highest level in over seven months despite the recent price tank. The statistics show renewed interest in the world’s largest cryptocurrency by the public as cryptocurrency adoption increases around the world.
The data shows that Bitcoin-related searches made up more than 17% of all the search in the engine. The exact number of the searches is yet unclear but the statistics show that the interest in the sector is at an all-time high since April of this year when the Bitcoin infamously rose to its highest ever valuation of around USD 20,000. Right now, the cryptocurrency is only being traded at USD 4,290.
The data further reveals that the most searches for the cryptocurrency originated in three countries: Nigeria, South Africa and Austria. On the other hand, global cryptocurrency power hub like the USA barely made it into the top 20 countries with #19. The statistics show that the searches nearly doubled when the price fell below USD 3,500. This suggest that the interest in the cryptocurrency also increases when the investment opportunity is ripe because of low prices.
There has long been speculation regarding the relation between the price of Bitcoin and Google search trends. A 2017 study by statistician Willy Woo shows that search trends can even be used to predict speculative bubbles within the cryptocurrency sector, thus identifying when to set buy or sell trades. However, this approach is still in its infancy and traders should look at both sides of the equation before making their trades.
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