Google Searches for Bitcoin Surges 300% This Week Amid Q2 Crypto Market Rally
In tandem with the Bitcoin price that sailed through $5k this week, Google searches also surged on the term Bitcoin. This week the leading cryptocurrency market cap rose to $88 billion while its dominance fell down to 50.7 percent. Meanwhile, with the increase in its price, the public interest has also gained steam.
Bitcoin Searches Surpasses 200k
This week not only saw a hike in price but also in searches. According to the data provided by Google Trends in the shorter term, Bitcoin searches surged over 300 percent worldwide.
On April 2nd, we saw a hike of 354% from the previous day when the prices started making its way upwards. A clear relation between the price and people’s interest can be seen here. Since then, Bitcoins searches saw some ups and downs only to take a dip now.
However, Bitcoin as a search term on Google is on a downslide, if we focus on a longer-term scenario that is a year. These searches have been down since December 2017 when Bitcoin hit its peak.
Additionally, Bitcoin has also been the 7th most searched term in Google USA. On April 2nd itself, the term Bitcoin recorded more than 200,000 searches.
This much amount of searches have been traditionally dominated by the public figures such as Kardashian and Taylor Swift which Bitcoin has surpassed. When it comes to locations, Bitcoin is most trending in Hawaii, California, Washington, and Nevada.
These searches are also associated with unsurprisingly, “why Bitcoin is up today”, “why did Bitcoin go up today”, and “why is Bitcoin rising” being the most searched keywords.
What Does This Means For Bitcoin
2019 has been a good year for BItcoin with March being the only consecutive month after November December 2017 that Bitcoin saw greens. Now, April is onto a great start already as in the last two days BTC surged over 20 percent and went above $5k.
But historically interest in Bitcoin follows the price so these searches rather move after the price hikes and not projecting its upcoming movement.
However, the volume is one of the factors that drive the prices and it has been making records. Just recently, the largest cryptocurrency exchange, Binance recorded all-time high volume.
Analysts are expecting Bitcoin to make its way to $6k in the light of this price burst we saw in the last couple of days. At the time of writing, Bitcoin has been trading at $4,986 with 24-hours gains of 0.30 percent.
Yesterday, Bitcoin had breached 200 MA line that was an important level at around $4,600. Now, BTC price is facing resistance at $5k, so it would be interesting to see how high we make it this time.