There are numerous ways to evaluate the interest in a market and the interest of the public in the market. One of the best measurements of this is Google searches on this particular topic and searches regarding Bitcoin (BTC) on the platform have greatly increased recently. It has been shown by statistics that as the price of the first digital currency rises above 10,000 USD, the interest of the public towards Bitcoin exponentially rises.
Google searches display how much interest the market has at that point and this can quickly lead to FOMO (fear of missing out), which consequently results in price growth. During the past week, there was a 33 percent increase in Google searches of ‘Bitcoin’. After the crypto asset went above 10,000 USD, searches of the word Bitcoin peaked. However, we still do not know whether the interest of the general public in the largest crypto asset will pay off and the price will rise above 10,000 USD breaking the resistance level once again. Yesterday, we witnessed another price fall of Bitcoin, which is only natural during these bull runs. At the same time, today the digital currency quickly recovered and, at the time of writing, Bitcoin is trading at 10,117 USD.
Notably, the two significant price changes of Bitcoin took place at the same time as Google searches on Bitcoin spiked. This happened in December 2017, when Bitcoin almost hit 20,000 USD and in June 2019 when we saw a large price increase. Since the beginning of the new decade, there was a search increase of almost 40 percent regarding the first crypto asset around the world. It seems like interest in Bitcoin rises quickly after major price peaks, however, these are not very predictable.
The value of Bitcoin has been rising and will continue to do so in 2020. For more information & details on the most famous digital currency, BTC and its price as well, take a look at Bitcoin Price updates as well as Bitcoin (BTC) Price Predictions.