The interest around Bitcoin and other cryptocurrencies such as Ethereum and Libra seems to increase again. At least that is shown by the data of Google Trends. The interest is currently mainly in the direction of Ethereum, DeFi and Crypto. Bitcoin is less searched for in comparison but still more than at the beginning of the year. Is the crypto sector now facing a possible bull run or what do the Google Trends data have to say?
Find out more details about the crypto sector and a possible explanation of the increase in buy crypto search queries on Google Trends with our companion app. It is not easy to keep up with the latest financial headlines and happenings in the crypto sector, but our companion app, available for free, is the best online news aggregator.
DeFi and Bitcoin search queries are rising in Google Trends
As it can be noticed from the exchange rates, the demand for Bitcoin and other cryptocurrencies is increasing. Especially the various DeFi projects could register enormous increases in the last weeks and months. However, Bitcoin and Ethereum have also not slowed down and had momentum.
The data from Google Trends currently show that most people worldwide are currently searching for “buy crypto”. Search queries have exploded in recent weeks and have reached a two-year high.
Buy crypto on Google Trends
Searches for “buy bitcoin” have decreased after the halving this year but have also increased again since the end of July. Ethereum has even reached a new yearly high in searches a few days ago. The whole market is currently in an upswing and there is no reason why this trend should be slowing down.
Buy crypto searches reach the level of early 2018
It is already a clear sign that search queries for “buy crypto” are at the level of late 2017 and early 2018. Because at that time it was the peak of most projects that reached their all-time high. Accordingly, the crypto world could currently be facing a similar scenario. However, of course there is a reason why the interest in the crypto sector is rising. The rising share prices are flushing more and more private investors and the market. Consequently, that is also causing Google searches to rise.
After the bear market has entered, most cryptocurrencies have fallen by about 95-99%. With this, interest has also suddenly disappeared and remained at a low level for over a year. Only in mid-2019, when the Bitcoin price briefly reached the $14,000 mark, did interest rise again. Afterward, however, it disappeared again just as quickly.
So currently the crypto sector is seeing a trend reversal again, which is bringing more investors into the market. That will ultimately also affect Bitcoin, as the cryptocurrency is considered a secure investment in the crypto space. Ethereum will probably also feel the effects of this, since almost all DeFi applications run on the ETH blockchain.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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