Google Trends data indicate that the number of searches for “Bitcoin” almost tripled during Bitcoin’s sharp increase in price of late. Google Trends indicate that Bitcoin (BTC) related search requests increased to 100, from 30, after the price surged to over $4,500 on April 2. The cryptocurrency gained 15% in a single day and recorded new high for the year.
Notably, algorithms prepare the rating, with “numbers represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.”
According to the statistics, the maximum number of requests came from Nigeria, South Africa, Switzerland, Austria and the Netherlands. Within US, search requests came frequently from California, Nevada, Washington, Colorado, and New York.
For the first time in 2019, Bitcoin crossed the $5,000 level on April 3. Furthermore, the market also saw three successive days of gains as well. Regarding the reason for uptrend, Tone Vays, a cryptocurrency analyst, said that there may not be a trigger every time and it could be a speculative move as “Bitcoin is no different than any other asset.”
There were also rumors that Bitcoin soared because of Brexit uncertainty as investors switched over to the crypto by selling the pound. Britain is due to exit the EU on April 12, provided no further extension is given. Reports of algorithmic trading pushing up the price of Bitcoin also made rounds.
The crypto king began the day at $5,216 soon after declining below the $5,000 barrier. At the time of writing this article, Bitcoin was trading at $4,983, almost unchanged from the prior close.
