Trading back above $5,000, more eyes are on the world’s largest cryptocurrency, bitcoin, as Bitcoin Google hits are up! Bitcoin, trading above $5,000, has attracted a lot of attention. This has lead to Bitcoin searches hitting a high of nearly 19 weeks – levels not seen since November of last year.
Google Trend data reveals the spike in searches was highest on April 2nd, when the price of Bitcoin surged nearly 20% in one single hour to $4,961, its highest price since November 19th.
While Google Trends does not provide the exact number of searches, it is a good barometer to see the level of global interest in the cryptocurrency.
“Bitcoin” was, after all, a highly searched term on Tuesday as investors, traders, and regular people were searching for the catalyst for Bitcoin’s astonishing surge.
What’s even more interesting is the fact that these searches came from countries that may not seem to be the most likely of origins.
For example, Google’s data reveals the largest amount of searches on April 2-3 were from St. Helena, Netherlands, South Africa, Nigeria, and Austria, in that exact order. Meanwhile, the US, Canada, and the UK didn’t even breach the top 10 searchers of “Bitcoin”, coming in at 11, 12, and 17 respectively.
Our reporting this news may seem trivial, especially for those who are holding 19k bags, but studies have shown that there is a connection between the price of the cryptocurrency and its search interest. At its core, the findings suggest periods of low search volume preceding large moves in price that coincide with Bitcoin’s infamous wild market swings.
What do you think? Were you in on this price action? We’ve made some terrific moves in our CryptoTraders Pro group. Have you thought about joining us? Let us know what you think on our Facebook Page!
