Google Trends Reveals Interest in Buying Bitcoin Grows After Price Increases; FOMO Sets In
The interest in purchasing the most popular digital asset, Bitcoin (BTC), increases once the virtual currency surges in price. Google Trends reveals that the search term “buy bitcoin” increased just after the price action that drove Bitcoin’s price from $4,200 to $5,300.
Bitcoin Purchasing Interest Grows
After the price increase experienced by Bitcoin at the beginning of April, the number of searches in Google for the phrase “Buy Bitcoin” has skyrocketed reaching a score of 100. This shows that this was the peak of popularity in over a month. Users could have purchased Bitcoin just under this price rather than after the bull market started.
When Bitcoin moved, its price went from $4,200 to $5,300 in just two days. This increased the positive sentiment in the market. There is a larger number of users that are talking about the asset and Google Trends shows that.
This shows how human psychology works. Before the actual price increase, users could have purchased Bitcoin for a price nowadays they would consider very expensive. This also shows that users are more prone to purchase or use digital assets when they are in a bull market rather than falling.
There are five countries in which the interest for Bitcoin was the largest around the world. We are talking about Nigeria, the Netherlands, South Africa, Austria and Switzerland. All these countries have very large crypto community and an active institutional and financial market.
There are several reports that show that Bitcoin has already bottomed in the market in 2019. The bottom could have been $3,200. According to a report released by Binance, the steady recovery of the virtual currency market after the crash experienced in 2018, shows that the market has finally bottomed.
Bitcoin has a large potential to change the way in which finances work around the world. With Bitcoin, it is possible to send and receive payments internationally in a fast and easy way, without having to pay for large sums of fees.
Currently, each Bitcoin is being traded around $5,125. In the last 24 hours, Bitcoin has increased by 0.67% as CoinMarketCap shows. The largest winner in the market (top 10) is currently Binance Coin (BNB) which has registered a price increase of 7.43%. CoinMarketCap shows that Bitcoin has a market capitalization of over $90.45 billion.