Bitcoin (BTC) searches on Alphabet Inc. (NASDAQ:GOOGL) search engine Google reached an 8-month high after the prices of the largest cryptocurrency in the world plummeted to a 52-week low recently. The bearish trend in the crypto market instigated crypto traders and internet users to start searching for Bitcoin related terms on the search engine.
Bitcoin (BTC) searches on Google Trends show 100% increase from last two weeks
Google Trends represent search interests in numbers with 100 as the highest point in the chart for a particular time and region. The global frequency for Bitcoin searches on Google last week represent an approximately 100% increase from the previous two weeks. In October 2018, the searches of both Ethereum (ETH) and Bitcoin reached an 18-month low mostly because of the market’s ongoing bearish momentum and the long-term price stability in the crypto market beforehand which was quite uncharacteristic.
The searches for Ethereum on Google are also up but as compared to the jump for Bitcoin they are far less. Currently, BTC is trading for $4232 with a $73.6 billion market cap to the cryptocurrency. It makes roughly 54% of the existing $136 billion cryptocurrency market.
Bitcoin searches dropped 75% since the start of 2018
Prior to this jump in Google searches of Bitcoin, cryptocurrency searches dropped roughly around 75% at the start of this year. In December 2017, BTC reached its all-time record high of $20,000 and ever since then its price has been declining continuously. Nick Colas is the first Wall Street analyst who reported about Bitcoin at the start of 2013. According to Colas, he is yet to see new adopters in the crypto market who want to buy Bitcoin recently. He believes that there are no new technology adopters who can add more value to the cryptocurrency.
