Bitcoin Search Trend Spikes Again, People Get Back Into Crypto
As the price of bitcoin nears the $8000 mark, having raced past the $6000 and $7000 price levels, investors are hoping that this is the beginning of an extended bull run. One interesting factor that has in the past shown a correlation to rising price levels is bitcoin search volumes. And indeed, bitcoin’s search volumes are rising.
Google Trends shows that Bitcoin search volumes are near an all time high for 2019, and search topics related to the subject include “debit card” and “litecoin”. The trend for a “cryptocurrency” search, meanwhile, has not changed significantly.
Bitcoin was also recently the top trending search on Baidu, China’s largest search engine, which occurred around the time that Bitcoin crossed the $5000 mark.
Searches for “Ethereum” and “Ripple” searches have also been rising. Recently, it was discovered that searches for Ripple (XRP) were far greater than for Ethereum (ETH). The two tokens tokens frequently switched places in terms of market cap last year, and some have said that 2019 is to be a breakout year for Ripple. Certainly, Ripple has done well with the application of its cross-border solutions, partnerships and growing the RippleNet.
Coinciding with this increase in price – and hearkening back to the spike of late 2017 is the rise in altcoin-related search volumes, which in March outnumbered that of late 2017.