Google reports that the interest of Bitcoin, the leading cryptocurrency has spiked. Google bitcoin search has increased by 33% in the past week. Especially when its price tops $10,000, people start to pay attention again.
12 February, 2020 | AtoZ Markets – Several measures can be used to assess market sentiment and the public interest. Google searches are one, and they are up a lot for bitcoins. It is especially when bitcoin price exceeds $ 10,000 that people start to pay attention to. Google search trends give an indication of interest from the general public and whether this could lead to a new series of FOMO.
Bitcoin Google Search Surges
Google searches for bitcoins have increased 33% in the past week, which is a recovery a six-month low. Bitcoin searches peaked after crossing the $10,000 mark. It remains to be seen whether this momentum can push assets above $ 10,000 once again. Yesterday, the leading cryptocurrency collapsed again. But, today it exceeds $10,000 price mark and is currently trading around $ 10,117 (at the press time).
The search spikes coincide with the two BTC price spikes, the first in December 2017 and the second in June 2019. Since the beginning of this year, searches have increased by around 37% globally.
It seems that people start looking for bitcoin after the asset reaches its peak. But few people can reliably predict where this peak will be.
However, the increase in searches on Google is more than obvious. Many people seem to be looking for scams on Google. For example, the “bitcoin doublers club” saw its searches increase by 3,400%. “Moon bitcoin live” has also appeared on Google searches. The 33% increase in Google searches related to bitcoins is, therefore, good news, but it seems that scams are unfortunately part of it.
But, Google searches for “bitcoin halving ” have shown an even greater increase as the event approaches. The event is only 90 days away, and sentiment has turned bullish following the recent gains. Many predict a five-digit halving and a huge rally the following year.
Search patterns can indicate general interest and whether there is likely to be a huge fear of missing out on the masses. It could push prices even higher, as was the case during this epic outbreak in December 2017.
Social Media Engagement for the Cryptocurrency Market
All of this follows a significant increase in social media engagement in the cryptocurrency market. Social media engagement on bitcoin-related topics has increased and is currently at a high level in 2020 compared to 2019. These measures can be used as an important indicator of the price of bitcoins. Studies have shown that there is a certain relationship between mentions in social media and Bitcoin movements.
It is difficult to say whether the rise in Google searches related to Bitcoin will continue or not. The asset already manages to cross the $ 10,000 threshold. Traders should keep an eye on social media engagements, and Google searches to gauge future momentum.
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