With the market value of Bitcoin going and hovering slightly around the $5000 mark, lot of crypto ethusiasts have been keeping a keen eye on the market. Search Engine giant Google has indicated that, it has a seen a rise in the search for “Bitcoin” over the past 19 weeks starting November 20th. Google Trend data reveals that the surge in searches piked on April 2, when the price of the crypto gained nearly 20% in a single hour to a record $4,961. This was the highest price that Bitcoin had recorded since November 2019.
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.
Last Tuesday, “Bitcoin” searches sky-rocketed as investors across various sectors were curious to know the reasons behind this significant surge in prices. An much to the facination of many, most of these searches came in from countries that are pretty low on the radar. Google’s in-depth data further revealed that the largest amount of searches on April 2-3 were from St. Helena, Netherlands, South Africa, Nigeria and Austria in that order. The U.S., Canada, and the U.K. did not crack the top 10 of most “bitcoin” searchers, ranking in at 11, 12 and 17 respectively.
The significance of a spike in bitcoin searches may not seem pretty intriguing, 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.