As we approach the end of the year, coronavirus isn’t the only term people are looking for on Google. Bitcoin, the largest in the world cryptocurrency in terms of capitalization, it is attracting more attention than ever. If we look at Google’s metrics, Bitcoin is now experiencing massive search engine traffic compared to its historical averages. What are the reasons driving popularity BTC on google?
Google Trends and Bitcoin
Entering the last month of 2020, Bitcoin seems to be highlighting its great year. Aside from a ~ 135% price increase during the global pandemic, it is also very close to being hit ATH. Its positive results have undoubtedly been noticed by investors. Millions of dollars are pouring into the market, both by retailers as well as institutions and corporations. People all over the world are becoming more and more interested cryptocurrencies. Data from Google Trends show us this perfectly, which indicates that the popularity of BTC has reached an annual peak.
As you can see in the chart above, interest in Bitcoin over time has recently reached 100 points. 100 points means record popularity in a given period of time. In this case, we chose the chart showing the last 12 months. Such results are not surprising at all, especially considering that BTC is very close to its ATH.
Bitcoin on Google Trends in 2017
If you look at Google’s 2017 data, it looks like the level of 20k. dollars may only be the beginning of the bull market. In the chart above, we looked at data from the last 12 months. The number of searches was directly correlated with the price. Given that BTC has peaked in popularity this month, how does this popularity relate to similar assumptions in 2017?
The comparison can be seen on the 5-year chart. When Bitcoin reached ATH in 2017, interest in Google was 5 times greater than it is today. This is important for several different reasons. Many investors have argued that the target price will be 100k during the next boom. dollars. Despite the fact that such forecasts seem impossible to meet, looking at the chart, those interested may make sense.