Trade back over $ 5,000, more eyes are on the world’s largest cryptocurrency, bitcoin, than has been almost 19 weeks, a fact confirmed as Google searches for the “bitcoin” currently hovering at levels not seen since November 20.
Google trend data reveal that the sharp increase in searches was unambiguously achieved on April 2, as the cryptocransancy price jumped almost 20% to one hour of $ 4,961, the highest since November 19, according to CoinDesk’s price data.
While Google Trends does not provide the exact number of searches, it is apparent that the volume of “bitcoin” searches worldwide reached 90% of what it was on November 20, as shown below.
Indeed, “bitcoin” searches skyrocketed skyline on Tuesday as investors, traders and media alike searched for reasons why the price of bitcoin surged.
It is interesting to note that most of the searches came from countries that may not be seen as the source of the highest chance.
Google’s data reveals even more the largest amount of searches on April 2-3 were from St. Helena, the Netherlands, South Africa, Nigeria and Austria in this order. The US, Canada and the UK failed to crack the top ten of the most sought after “bitcoin”, ranking 11, 12 and 17 respectively.
The significance of spike in bitcoin searches may seem trivial par value, but studies have shown that there is a correlation between the price of the cryptocurrency and its search interest. Core findings indicate periods of low search volume tend to precede large markings at the price generated with the famous market cycles of bitcoin, or perhaps the wild market.