Bitcoin (BTC) Interest Remains Far From Its 2017 Highs According to Google Trends
- Google Trends shows that interest for Bitcoin remains far from its peak in 2017
- Bitcoin has surpassed $11,100 a few hours ago
According to data from Google Trends, interest in Bitcoin search term has doubled this year. However, it remains far from its all-time high registered in 2017 when the virtual currency surged to $20,000. This shows that although the interest for Bitcoin spiked, retail investors and their interest in Bitcoin remains far from its highs.
Interest in Bitcoin Remains Far From Its Highs
Bitcoin has been in a bull trend during the last few months. The virtual currency surged from $3,200 to over $11,100 a few hours ago and crypto enthusiasts remain very positive about the future of the digital currency.
According to Google Trends, on a scale from 1 to 100, Bitcoin’s popularity is close to 12, 88 percent down from the peak in 2017. This is despite the fact that Bitcoin more than doubled in price since it bottomed at around $3,200 in December 2018.
Back in 2017 when Bitcoin was reaching $20,000 mainstream media covered why the virtual currency was reaching such high prices. At that time, retail investors were the ones who helped the virtual currency have a price close to $20,000.
Last months, many believe that there are institutions that are going to be triggering the next bull run in the market rather than retail investors.
Grayscale’s Q1 report, reads as follows:
“Institutional investors comprised the highest percentage of total demand for Grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%).”
According to the company, institutions may view the current drawdown as an attractive moment to enter the crypto market and add new funds to their current positions. Analysts consider that if institutions are getting involved in the market, that means that a long bull market could be just starting.
There are several analysts such as Thomas Lee, that consider that Bitcoin will surpass its previous all-time high just this year. He believes that the digital currency will be traded above $40,000 in the next six months.
Furthermore, Peter Brandt believes that the virtual currency is entering a new parabolic phase in which Bitcoin could eventually reach $100,000 in 2020.
At the time of writing this article, Bitcoin is being traded around $10,650 and it has a market capitalization of $189.39 billion.