Demand for Bitcoin is increasing as Google reports that interest in the leading cryptocurrency has exploded in the past week. Searches increased 33% in the last week. Google searches are generally considered a lagging indicator for the market.
In short, increases in Google searches tend to happen after a major market move, not before. The same can be said for mentions on social media more generally. However, it appears that the latest Bitcoin break of over $ 10 caught some buzz online: Just last week, searches for Bitcoin on Google were up 000%.
[amazon box="B00R6MKDDE"]Bitcoin rises and Google explodes
Bitcoin searches increased the most after what it broke the price of $ 10. It remains to be seen if this momentum can push the asset over $ 000 once again. On Monday, the leading cryptocurrency broke again and is currently trading at around $ 10.
However, there is more to the rise in Google searches than meets the eye. Many people appear to be searching for outright scams on Google. For example, “bitcoin doubler club» has seen searches increase by 3%. «moon bitcoin live» has also exploded in Google searches.
So the 33% increase in Bitcoin-related Google searches is good news, but it seems that scams are sadly part of it. All of this comes on the heels of a significant increase in cross-field social media engagement for the crypto market.
Social networks spread the seed
In the past month social media engagements on Bitcoin related topics have increased and are currently at a high level in 2020 compared to 2019. We must remember that such metrics can be used as an important indicator of the price of Bitcoin. Studies have shown that there is some relationship between mentions on social media and Bitcoin movements . [Well-informed person]
It's hard to say whether or not the increase in Bitcoin-related Google searches will continue. If the asset manages to break the $ 10 price point, it seems likely. Exchanges saw a wave of deposits on Monday when Bitcoin fell, indicating that major players can buy the fall before the next stage. Operators need to keep an eye on social media engagements and Google searches to gauge future momentum.
