Despite the bear market Bitcoin Google searches are increasing surprisingly!
Despite the bad market conditions, Google searches for Bitcoin paint a very optimistic picture. People are showing more interest around the world. The market, which was mostly forgotten in the last month's markets, shows that it is not so in 2022.
Over the past year, interest in Bitcoin (BTC) has grown. The cryptocurrency has recorded volatile price movements characterized by significant corrections as well as all-time highs. Although the asset is currently showing high volatility, it is amongst speculation about its next price action.
Data obtained by foreign sources shows that, as of the week ending June 12, 2022, Google Search's interest in the keyword "Bitcoin" has increased.
Bitcoin Google At The Top Of The Last 12 Months
The leading cryptocurrency is painting a better picture in search volume than last year. Bitcoin Google search hit a 12-month high with a popularity score of 100. In the week ending June 27, 2021, this score remained at 74.
El Salvador, in particular, is the leader in the number of countries that show the most interest in Bitcoin, with 100. The country that follows El Salvador is the Netherlands. In the third place is a country that is not surprising. In the Bitcoin Google search, Nigeria is third with 26 points. The fourth place is shared by 3 different countries. Turkey, Switzerland, and Austria are in 4th place with 22 points.
Driving Forces for Increasing Interest in Bitcoin
A surge in bitcoin-related searches has coincided with the market cap of the entire cryptocurrency industry falling to historic lows in recent months. In most cases, there is a correlation between Bitcoin searches and the price action of assets, where the rate hike is reflected in the price.
Additionally, the number of Bitcoin Google searches often spikes in moments of curiosity or discussion. Before the latest price action, Bitcoin had dropped below the $20,000 level for the first time in over a year. This increased the interest.
As a result, interest in the asset can be viewed as increased investor interest as fear of loss (FOMO) begins. After the Bitcoin price correction, more people usually try to get involved to profit from a new rally.
El Salvador, Leader in Bitcoin Search
From the Google Search trend, El Salvador stands out by recording significant volume in connection with the country's historic Bitcoin legal tender posting. Since the statement, adoption has yet to be determined, although the government has taken steps to adopt it.
That's why Google search data specifically doesn't offer the real picture of adoption amid growing concerns that the strategy might not work.