The crypto market saw a massive rally only days ago, starting on April 1st. The spike up that numerous cryptocurrencies experienced was the largest one since the beginning of the bear market, and while many coins are currently experiencing a slight correction, Bitcoin included, the coin is still receiving a huge amount of attention.
Ever since BTC price went beyond the $5,000 mark on April 3rd, the public attention spiked just as much as the price, if not more. The massive amount of mainstream media coverage undoubtedly helped spread the word, but the real amount of interest in Bitcoin and the crypto sector is most notable in search engine statistics.
Bitcoin searches spiked on Google and Baidu
News about the crypto market’s newest surge is present on pretty much every media outlet around the world. Whether it is social media, television, radio, news outlets, or anything else — Bitcoin seems to be the hot topic. The situation is not unlike the one seen in late 2017 when the largest cryptocurrency reached its height at the price of $20,000.
Once again, everyone is looking to buy Bitcoin, even despite the decline that followed since the Monday’s rally.
According to Google Trends, the term ‘Bitcoin’ was searched three times the normal amount between March 31st and April 2nd, which was when the public started noticing the rally. A similar pattern was also noticed for the word ‘crypto,’ although on a less drastic scale. It should also be mentioned that these results spiked on a global level, and not in only certain regions.
Even China took an interest, according to Baidu searches, where the term ‘Bitcoin’ started seeing a lot more interest than ever before. Of course, a large part of the crypto industry was blocked by China’s filtering system, known as ‘The Great Firewall of China.’ However, that did not stop the country’s population from trying to discover what is going on with the world’s largest coin.
This was even confirmed by CnLedger, a China-based crypto enthusiast who was on the multi-month break caused by the bear market. According to CnLedger, the term ‘Bitcoin’ topped every other of the hottest keywords on Baidu.
— cnLedger (@cnLedger) April 4, 2019
Is the spike in interest going to remain?
The new amount of interest definitely indicates that digital currencies are getting back under the spotlight, even after countless predictions that this is unlikely to ever happen again, which crypto critics continuously made throughout the bear market. Of course, the critics are still not giving up, pointing out that the search terms only show that the public is interested in finding out what is happening to the crypto sector.
Things such as ‘how to buy crypto’ are still not growing on search engines, which critics take as an indication that the growing interest does not necessarily mean bullish behavior, only interest in the current events.
However, this is not a reason for crypto enthusiasts to turn bearish, especially when Binance’s recent report is taken into account. According to the world’s largest exchange’s research division, the spike in Bitcoin searches was also accompanied by a vast number of fundamental factors that indicate that the industry is still very much alive.
Can Bitcoin return to its 2017 glory?
— Binance Research (@BinanceResearch) April 4, 2019
Transactions per block, for example, as well as the pending transaction count on Bitcoin’s blockchain, and even the mining difficulty are seeing levels previously noticed in 2017, or even higher than those. In other words, the fundamentals are barely letting up, even after the price dropped in 2018. And, with the new rally, everything regarding Bitcoin is growing once more.
This was also confirmed by Canadian researcher, Kevin Rooke, who claims that Bitcoin’s average community size continued to grow even during 2018 and that the same can be said for its average block size.
Even so, there are numerous questions that remain unanswered at this time. The biggest one is whether the new momentum will last, and if so, for how long? Will institutional investors finally be encouraged enough to step into the crypto space? These are the questions that need answers in order for investors to know what to expect and how to act. Unfortunately, it seems that it might still be too early for these questions to receive the answers, and for now, what-you-see-is-what-you-get remains the only thing that investors have to base their predictions on.