With the current bearish markets, some quarters have been adamant in proclaiming that it is the beginning of the end of Cryptocurrencies. As the world’s largest Crypto Asset, Bitcoin’s price movements have been at the central focus of debates and lengthy reports forecasted that the selloff scenario would increase dramatically as demand and interest wane.
However, a Google report about browser searches for BTC proves otherwise. From the evidence, public interest on Bitcoin is at a short-term high similar to the interest witnessed during bull runs. Specific data from Google Trends show that BTC searches have doubled in the period between the beginning and end of November. On a scale of 1-100, the subsidiary of Google assigns a score of 17 from 8 within the period. It is important to point out that a similarly high number of searches has not been recorded since April 2018.
Bitcoin Price Has Been Volatile In November
Currently, the market cap for Bitcoin is still the highest at $74 billion at a price of $4,291.09/BTC. Coinmarket cap data shows that there are 17,399,162 BTC Tokens in circulation at a daily volume of $7,007,166,502.
The decline of BTC prices started on November 14th following Bitcoin Cash hard fork chaos that has since created two distinct platforms and coins-Bitcoin Cash ABC and Bitcoin Cash SV. On that day, BTC was changing hands at $6, 371 as at 12:44 UTC. About 11 hours later, the value had undergone a sporadic plunge to stand at $5,556. This trend has since continued and hit a low of $3, 587 on November 25 at 13: 44. However, there has been steady gains from November 27 where Bitcoin has been able to surge tremendously from a low of $3, 642 at 00:44 UTC to the current figure of an excess of $4, 200.
From the analysis of monthly statistics, the short-term perspective of BTC signals a steady recovery that many experts believe will gather pace to became a major rally in the coming days.
Interest On BTC Indicates Its Importance
According to Alexis Roussel, CEO of Bity which is a Digital Asset finance network, the uptick in interest for BTC follows intense media coverage of Bitcoin in the turbulent market. The media singled out BTC which acted as a representative of the market in itself. Further, there were concerns that BTC was heading to an all-time low and some strategic investors might have been investigating if the ‘bottom’ is near so that they could invest.
From another perspective, others may have been researching about the bear run of BTC to investigate claims that BTC was to fall to zero as its intrinsic value is zero according to social media-based ‘experts’. The only time that there was such a major upswing of BTC interest in a short span was in August when the SEC postponed Cboe’s BTC ETF application.
Other Cryptos Trail BTC On Google Browser Interest
Interestingly, BTC search volumes are by far the most more than Ethereum and Ripple online observations. The two Cryptos have recorded stagnant to mild growths on Google Trend data.
Summarily, Alexis believes that the renewed public interest is signaling an onset of a ‘build era’ following a mature BTC with loyal users. Additionally, the COO for Zcoin, Reuben Yap, is impressed by the “increase in Crypto awareness” which he predicts to be the new impetus for BTC recovery.