Although the worth of Bitcoin is rising, Google Trends doesn't mirror elevated curiosity

On February 18, 2021, the worth of Bitcoin (BTC) broke the $50,000 mark for the primary time, sparking nice pleasure, as evidenced by Google Trends information. Then search queries for the phrase “Bitcoin” reached a most of 71 out of 100.

Although the worth of Bitcoin rose above $50,000 once more this week, the variety of orders was not as massive as earlier than. Over the previous 90 days, Bitcoin has scored solely 36 factors out of 100, whereas there was no noticeable rise in curiosity because the starting of the yr.

However, reaching the 100-point mark coincided with the launch of Bitcoin exchange-traded funds (ETFs) on January 11, 2024.

Google Trends makes use of a scale from 0 to 100 to measure the relative reputation of a time period in searches. These estimates are adjusted and scaled to mirror the share of searches.

The present score is 36, which is decrease than Bitcoin's score of 40 out of 100 achieved on February 9, 2024. Geographically, El Salvador presently leads the pack, in accordance with Google Trends.

In 2021, the main area for curiosity in Bitcoin was Nigeria, with different African nations equivalent to South Africa and Ghana additionally rating extremely.

The present decline in curiosity in Bitcoin, regardless of its excessive valuation, signifies a maturation of the cryptocurrency market or a shift in public curiosity. In addition, institutional buyers have entered this sector and, not like particular person buyers, have their very own data channels.

Stay in contact! Subscribe to Cryptocurrency.Tech on Telegram.

Bitcoin