Trading back above $5,000, more eyes are on the world's largest cryptocurrency, bitcoin, than have been in nearly 19 weeks, a fact affirmed as worldwide Google searches for "Bitcoin" currently hover at levels not seen since Nov. 20.
Reveals the spike in searches was single-handedly achieved on April 2 when the price of the cryptocurrency surged nearly 20 percent in a single hour to clock $4,961, its highest price since Nov. 19, according to CoinDesk's price data.
While Google Trends does not provide the exact number of searches, it is apparent the amount of worldwide "Bitcoin" searches reached 90 percent of what it was on Nov. 20, as is shown below.
"Bitcoin" searches sky-rocketed on Tuesday as investors, traders and the media alike were searching for reasons as to why bitcoin's price surged.
Interestingly, most searches came from countries that may not seem to be the most likely of origins.
Google's data further reveals the largest amount of searches on April 2-3 were from St. Helena, Netherlands, South Africa, Nigeria and Austria in that order.
The significance of a spike in bitcoin searches may seem trivial at face value, but studies have shown there is a connection between the price of the cryptocurrency and its search interest.
The core findings suggest periods of low search volume tend to precede large markups in price that coincide with bitcoin's famous, or perhaps infamously wild market cycles.
Google Searches for 'Bitcoin' Hit Highest Total Since November
Published on Apr 5, 2019
by Coindesk | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.