Despite the continuing cryptocurrency bear market, data from Google Trends indicates that searches for “Bitcoin” are increasing – reaching an 8 month high recently.
Since mid-November, the price of Bitcoin and all related cryptocurrencies have been in steady decline, and yet it seems interest in digital assets continues to grow. Current data indicates a level of interest that correlates with that of April this year when the cryptocurrency market was experiencing a surge in value. Bitcoin increased by almost 30 percent during April, jumping from $7,000 to $10,000. Since then, interest has declined, along with the market value.
Now it appears Bitcoin is becoming more popular again, although the reasons for the recent attention is unclear. The Bitcoin Cash hard fork and resultant hash war may be a potential reason, however, such developments are usually only popular with those already involved in the community. It’s more likely the sudden drop in the price of Bitcoin has caused those who invested earlier this year and subsequently lost interest, to resurface. Now, with the cryptocurrency market crash all over the news, they may be returning to check how much they’ve lost.
Another (somewhat more optimistic) reasoning, is increasing reports that the cryptocurrency market is building up for the next bull run and those who missed out at buying cheap last November are looking for a second chance. Currently, the search results recorded by Google are still far below that of last years bull run but if reports about an incoming rally are true, interest will no doubt explode soon.