Google Searches for ‘Bitcoin’ Just Hit Their Highest Level Since April
Google's Trend Explorer shows weekly searches for & # 39; bitcoin & # 39; keywords that have not been seen since the first week of April last week.
While the exact number of searches this week is unclear, only Google's & # 39; Bit Coin & # 39; search results in the last three days accounted for 17% of weekly searches from December 17 to 23, 2017.
At that time cryptocurrency had reached record highs, while CoinDesk's Bitcoin Price Index (BPI) reached $ 4,167, while cryptocurrency surpassed the record high of $ 20,000.
Google Trends data showed that the most searched bit coins in the world last week were Nigeria, South Africa and Austria. Interestingly, the United States did not rank 20th in the 19th place.
The 7-month peak of Google search for beat coin would not have been a surprise since cryptocurrency garnered headlines last week due to prices falling to a 13-month low below $ 4,000. Data showed that bitcoin searches more than doubled on the day of November 3, when it topped $ 3,000.
In other words, it has been known for a long time that the price of bit coin correlates with Google search trend. It can be a signal for the price increase of bit coin.
According to a study by researcher Willy Woo in 2017, Google Search Trends could be used not only to detect fraudulent bubbles, but also to detect the best and worst times to buy decryption.
That is, the period of low & quot; bit coin & quot; search volume is historically the greatest financial opportunity point, while the abnormally high search volume tends to act as a warning sign that bit coin can be recovered soon This is at a price.
Disclosure: I have written in BTC, AST, REQ, OMG, FUEL, 1st and AMP.
Image Credit: BigTunaOnline / Shutterstock.com
EDIT: This article has been updated to reflect that search data was doubled instead of November 24 when the price was $ 3,000.
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