After four months of struggling to break out of its “bear market” phase, Bitcoin is witnessing a spectacular surge and recently crossed the $ 5,000 mark for the first time since November 2018. The consequences of this recovery were palpable given the sudden growth in the number of Google search queries for Bitcoin (BTC) , which has almost tripled since.
Bitcoin becomes popular again
The growth of the BTC price has created a huge ripple effect on observers’ interest in cryptocurrency, especially Bitcoin.
The number of Google queries represents the interest of the search relative to the highest point on the graph for a given place and time.
If the value of 100 means that the term is at the top of its popularity, the score of 0 indicates that there is not enough data for this term.
Between these two values, a score of 50 indicates that the term is half as popular.
For example, according to Google Trends data, when Bitcoin went up to $ 5,000, the number of Google search queries linked to it increased significantly, from 30 to 100.
A recovery or a mere speculation effect?
The theories fuse on the resumption of Bitcoin. Around the world, the players behave differently, some advocate the revival of the market while others refer to a speculative result.
For example Tone Vays, a crypto-analyst, argues that Bitcoin is a separate cryptocurrency, different from other crypto-assets, and that this uptrend in the market is not the result of mere speculation.
Moreover, some analysts suggest that this rise was catalyzed by investors who convert their pounds into Bitcoin before Brexit, which is scheduled for mid-April.
Geographically, Nigeria, the Netherlands, South Africa, Austria and Switzerland are the areas most interested in Bitcoin.
As for the United States, the most frequent search queries were made in California, Washington, Nevada, New York and Colorado.
What do you think of the rise in notoriety of Bitcoin? Tell us your opinion in the comment section below.