Bitcoin is currently trading above $38,000, with more eyes are on the world’s largest cryptocurrency than have been since 2017. A fact affirmed as worldwide Google searches for bitcoin currently hover at high levels, greater than the 2017’s 120 million US keyword searches.
Recently, BTC has been in a wild state, hitting a record $ 42,000 and losing $ 11,000 in just 32 hours. The correction, however, was bound to happen at some point.
Bitcoin Price Spiked the Searches
The significance of rising Bitcoin demand at first glance may seem trivial, but research shows that there is a relationship between a cryptocurrency’s price and its demand. The main results suggest that the period of low demand was preceded by a large markup that coincided with a known or perhaps very wild Bitcoin market cycle.
Bitcoin’s presentation in 2020 was quite spectacular. It ended at about $ 29,000 in 2020 and started in 2021 setting a new record. Bitcoin collapsed to about $ 31,000 in a matter of days, losing 26 percent of its value and wiping $ 150 billion from the entire cryptocurrency market.
BTC is still 95% higher than last month, but the technical chart shows that this week’s latest price adjustment has brought in several support levels – levels that price should hold in case of a more aggressive sell-off.
Despite some critical views that still call Bitcoin a bubble, long-term bullishness around Bitcoin analysis continues.
Other Cryptocurrencies Took Btc’s Lead
Other major cryptocurrencies, including Ethereum (Ether), Litecoin, and BCH, have also made huge profits in recent months. Some analysts suggest that this may still be the initial stage of a significant advance.
Data from Google Trends shows that the number of Google searches currently carried out on Ethereum is the highest; it overshadowed search interest during the height of the coin’s final section. It also provides data according to relative interest by region. Currently, Kosovo, North Macedonia, Slovenia, Nigeria, and China are the countries with the most part in Ethereum as a search term.
Wall Street’s billionaire agreement publicly endorsing cryptocurrencies has helped attract more large, skeptical investors to enter the market. Investors such as Stanley Drakenmiller and Paul Tudor Jones have added Bitcoin to their investments and further highlighted its potential as an effective hedge against inflation.
Another reason for Bitcoin’s record spike is its potential as a haven. JPMorgan analysts compared it to digital gold, saying that Bitcoin could reach $ 146,000 in the long term.