At the moment, the price of Bitcoin is close to US$ 9,500, which represents a net increase of US$ 165.87 in the last 24 hours. However, at the moment, almost nobody is interested in BTC, according to Google Trends.
Google Trends is a tool that measures people’s interest in a topic, based on Google searches. That’s why, according to its page, Bitcoin searches have reached their lowest point in the last 6 months.
However, there are those who are enthusiastic about this idea. The reason is that, the last time there was so little interest in BTC within Google searches, it was just before its upward trend that took it from US$ 7,200 to over US$ 10,000.
The crypto world is excited by Bitcoin’s rising price
What other information does Google Trends give us about people’s interest in BTC?
Other interesting data is that of interest by region. At the moment, the country where there is more interest in Bitcoin is Nigeria, followed by Benin and Liechtenstein. Then, we find Esuatini and Namibia.
Thus, within the top five, four of the countries with most interest in Bitcoin are African. However, if we search by city, the main cities interested in Bitcoin are Lagos, Vienna, Munich, Berlin and Los Angeles. This shows that Europe also has a great interest in BTC.
What can explain this low interest in the leading crypto currency?
The months of highest volatility are naturally the months when most information is sought about Bitcoin, and that’s natural. People are usually interested in BTC when there are opportunities in sight, either to enter or exit the market.
According to Google Trends, in 2020, the months with the most searches for Bitcoin-related topics were March and May. March because of the big drop Bitcoin had in less than 24 hours, and in May because of the expectations generated around the Bitcoin Halving.
However, since June, this crypt currency has had a hard time trying to exceed US$ 10,000. Therefore, on the Google Trends scale, interest has remained at 45 on a scale ranging from 1 to 100.
This reminds us of December 2019, when in this scale Bitcoin searches were at a level close to 41. Then with the price increase that occurred around the new year, this index increased as reflected by Google Trends.
How do you explain Bitcoin to your friends?
Conclusion
We believe that it is the increase that generates interest in cryptology, and not the Google indicator that explains the price increases.
Instead, we can focus on other indicators such as market volume and even activity within different exchanges, to compare them. Likewise, it is always advisable to keep a close eye on the Bitcoin Loophole futures market, and on institutional interest in investment products such as the Grayscale Bitcoin Trust.
We can talk about a definite upward break once BTC exceeds the US$ 10,000 level, and stays there for a considerable time. Not before.