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Google Trends for Bitcoin at its Highest This Year

Photo for the Article - Google Trends for Bitcoin at its Highest This Year

November 26, 2020 — The price of Bitcoin has increased significantly and with the recent rally to $19,400, it appears search interest is also increasing again for the dominant cryptocurrency.

Bitcoin closed Tuesday at $19,091, according to the aggregate data of Coingecko. On Coinbase, it closed at $19,172 after reaching as high as $19,469. It is up 167% since the beginning of the year and 35% in the last 30 days. 

Despite Bitcoinโ€™s rally to $19,000 causing a lot of enthusiasm in the cryptocurrency community, mainstream interest has been muted. Bloomberg went as far as to say that the first crypto is โ€œgunning for a record but no oneโ€™s talking about it.โ€ The mania that surrounded digital currencies back in 2017, Bloomberg reported, is largely absent despite Bitcoin increasing to a new 2020 high of $16,800 at that time.ย 

That appears to be changing. 

Google Trends, which gauges search interest for a particular term or topic relative to its peak level of interest during a given period, recorded peak search interest for Bitcoin in the U.S. during the week of Nov. 15 – 21, 2020.ย 

Photo for the Article - Google Trends for Bitcoin at its Highest This Year
Search Interest on Google.com (U.S.) for โ€œBitcoinโ€ in the last 12 months
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Examining Google PH Search Trends for the last 12 months shows that August 2 – 8 was the peak search interest for Bitcoin, followed by April 19, but early data shows we will equal or exceed that same level of Bitcoin interest by November 22-28.

Photo for the Article - Google Trends for Bitcoin at its Highest This Year
Search Interest on Google.com.ph for โ€œBitcoinโ€ in the last 12 months

When compared to Bitcoinโ€™s all time data on Google Trends, peak interest for the cryptocurrency was still December 2017, when it reached an all-time high of just below $20,000.

Photo for the Article - Google Trends for Bitcoin at its Highest This Year
Search Interest on Google.com.ph for โ€œBitcoinโ€ since 2008

The graph above shows that the current search volume for Bitcoin is less than 25% of 2017 figures. It suggests that Bitcoin is now as expensive as it was in 2017 but roughly only 25% of people are interested compared to last time.

Multiple crypto personalities on Twitter are describing the current rally as a โ€œquietโ€ one.

A Quiet Rally

Multiple crypto personalities on Twitter are describing the current rally as a โ€œquietโ€ one.

A recent report from investment firm Panterra Capital claims that PayPal, which recently allows its U.S. customers to buy Bitcoin, and Square, which put $50 million worth of Bitcoin in its reserves, are buying 100% of all the new Bitcoin supply. The firm said that if more larger institutions followed, there will be an even more supply scarcity for this increased demand. 

โ€œThe only way supply and demand equilibrates is at a higher price,โ€ the report concluded.

This article is first published on BitPinas: Google Trends for Bitcoin at its Highest This Year

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