Google’s trend explorer revealed the weekly increased number of worldwide searches for the keyword ‘Bitcoin’ [BTC] has reached levels not seen since the first week, starting from Apr this year.
While the precise no of searches accumulated thus so far is isn’t clear for now, data from Google reveals that the keyword ‘Bitcoin’ searches within the past 3 days alone created up 17 p.c of its all-time-high weekly search volume set from Dec. 17-23, 2017.
At that point, the cryptocurrency was mercantilism around its record high close to $20,000 USD, whereas at the time of writing, it’s valued at around $4,374.51 USD as per EtherDesk’s market price index [MPI].
Google trend data additionally reveals that the foremost searches for bitcoin within the world over the past week came from South Africa, Nigeria and Australia, in this order. Curiously, the U.S. barely cracked into the top-20, ranking in at nineteen.
The seven-month high in Google searches for Bitcoin maybe mustn’t come back as a surprise since the cryptocurrency created headlines last week for its value falling to a 13-month low below the $4,000 USD mark. The data further reveals that the searches for Bitcoin over doubled on the day it entered the $3,000 USD range, earlier on Nov. 24 this year.
That said, it’s long been speculated that the worth of Bitcoin [BTC] and its Google search trends are extremely correlative, that suggests the uptick could also be a symbol of things to come back for Bitcoin’s uptrend.
A study conducted in the year 2017 by the researcher ‘Willy Woo’ shows that the Google search trends will even be accustomed to detect speculative bubbles in addition as the best and worst times to shop for the cryptocurrency.
In different words, periods of low ‘Bitcoin’ search volume have traditionally shown to be the points of most monetary opportunity, whereas periods of abnormally high search volume tend to act as a warning call that Bitcoin is in a bubble and might soon expertise a pullback in its value.