Days before the third-ever Bitcoin halving, the interest towards the primary cryptocurrency has surged, according to Google trends. The phrase “buy Bitcoin” is getting very close to the previous two-year high levels of June 2019’s bull-run and the March 12 dump of this year.
Buy Bitcoin Search Volume Increases
Significant attention is heading Bitcoin’s way, as can be seen on Google trends. “Buy Bitcoin” searches have increased to the highest point since April 2018.
Arguably the most anticipated event in the cryptocurrency industry this year will take place in a little over a week. The Bitcoin halving occurs roughly once every four years, and it slashes in half the rewards miners receive for adding new blocks to the network. Meaning, it reduces the supply of freshly minted bitcoins.
Historically, the price of the asset has surged following the previous two halvings. Therefore, speculations of upcoming price increases are high at the moment, which could be propelling the growing interest.
The graph above also illustrates the previous occasions when “buy Bitcoin” interest was at similar levels since 2018. Firstly, it happened in June 2019. Somewhat unsurprisingly, this was the month when the primary cryptocurrency reached its yearly high of nearly $14,000.
Since then, BTC’s price has been decreasing. The interest in it was also dropping, until mid-March 2020. When the western world was introduced to the COVID-19 thread, all financial markets went through exceptionally violent trading sessions.
What later became known as the Black Thursday was particularly harmful on Bitcoin, as the largest cryptocurrency plunged by 50% at one point. Those dark hours, however, resulted in spiking “buy Bitcoin” searches. On this occasion, those who were lucky to buy Bitcoin are currently enjoying decent profits, and some had even doubled their capital.
June 2019 and March 2020 are prime examples that severe volatility in either direction attracts attention to the primary cryptocurrency.
Side note: While most eyes and sites are reporting on the “Bitcoin” phrase search volume on Google trends, in my opinion, the more significant Google trend phrase is the search volume of “buy Bitcoin.” Buy Bitcoin actually is the evidence that people are searching to buy, while Bitcoin search volume can be a result of something that happened regarding Bitcoin, not related to its price.
Much Room For Growth
Despite the recent interest growth, however, it’s still quite insignificant when examining the bigger picture.
When looking at the broader picture, including the 2017 “crypto bubble” data, things look a bit different and a lot smaller. Google trends exemplify that “buy Bitcoin” was at its highest point ever at that time, which coincides with BTC reaching its ATH of almost $20,000.
However, it also implies that the most substantial parts of the general masses are yet to arrive at the scene, leaving lots of room for growth.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Source link Crypto Potato