It is no secret that Bitcoin’s price has been closely monitored by the entire industry ever since it started to climb precipitously in December 2017 and reached almost $20,000 in early 2018. The subsequent collapses; therefore, have gained worldwide attention from investors and even outside observers.
The extra attention that the industry gives Bitcoin-related news was put in evidence when Google Trends published that Google searches for “Bitcoin” tripled during the world’s premier cryptocurrency latest price surge, experienced in the past few days. It goes to show that people in every location is well-acquainted with the crypto phenomenon.
Google Trends reported that search requests for Bitcoin went from approximately 30 to 100 after the largest cryptocurrency by market cap finally surpassed $4,500 after battling with that threshold for a few months. It happened on the night of April 2nd, and it represented a 15% gain in the span of 24 hours.
A monumental Collapse and Recent Recovery
Bitcoin had been struggling to regain its footing ever since the mid-November collapse took place. That day (November 14th), in what many pundits link with the Bitcoin Cash (BCH) hard fork, BTC went from being worth well over $6,000 to barely over $3,000 in a span of a few days.
Ever since that moment, the digital asset had struggled to surpass even the $4,000 mark for most of 2019. However, on April 2nd, it reached $4,500 and now, at the moment of writing this article, it is exchanging hands at $4,938.06, with a market cap of $87,048,862,580 and a 24-hour trading volume of $17,249,689,818.
Brian Kelly, the CEO and founder of the digital currency investment company BKCM LLC, stated after the price upswing that BTC’s next target would be surpassing the $6,000 threshold, in an interview with American network CNBC on April 2nd.
Google Trends’ Method Explained
Google Trends’ rating is made by compiling algorithms. Numbers “represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.”
The site’s statistics also revealed that the most search requests came from Nigeria, the Netherlands, South Africa, Austria, and Switzerland. In American soil, “Bitcoin” generated the most interest in the states of California, Washington, Nevada, New York and Colorado after the most recent market recovery.
Bitcoin even crossed the $5,000 mark on April 3rd, for the first time since that dreaded month of November 2018. People are still debating what caused the recent revival: Tone Vays, a famous crypto analyst, explained that there isn’t always a “trigger,” and that “Bitcoin is no different than any other asset.”
Bitcoin started April 5th north of $5,200, but during the day, it slightly dipped under $5,000 to its current value. As Google Trends show, people are now paying close attention to the price behavior, with their minds set on similar events to those of December 2017, in which it started climbing towards an all-time high.
By Andres Chavez