Interest in bitcoin at highest point of year

Last Updated: 24 June 2022

A falling market often means people do not want to be confronted with their portfolios. Looking away and HODL’ing because “if you don’t sell, you don’t lose anything anyway.” Despite many investors sitting on their hands, a whole new wave of interest is coming this way.

More people are getting to know bitcoin

There has, in fact, been an annual spike in searches for bitcoin. This means that a lot of people want to know what bitcoin is or what is going on with bitcoin. And this can cause some inflow. A recent Bank of America survey showed that 90% — of people surveyed — want to buy bitcoin in a 6-month period, so those data complement each other.

This kind of spike in searches is often seen during bull markets. For example, we saw this happen in 2013, 2017, and last year’s 2021 market. We must remember that we are currently in a bear market, which makes this surge in interest very remarkable.

This means that bitcoin has never been so popular for this ‘low’ price. More and more people are getting to know bitcoin, and even though the search volume is probably due to the steep drop in recent weeks, this is still getting people in touch with crypto and all that it entails.

Crypto and NFTs

It is logical that people often search for the term ‘bitcoin’ because it is usually the first cryptocurrency they come into contact with. However, there are some countries where terms like crypto or Non-Fungible Tokens (NFTs) are slightly more popular in search volume.

If we talk about the term ‘crypto,’ it is only France, Morocco, and the Philippines that it is searched for the most. When we look at the countries where NFTs are most searched for, we mainly find Asian countries. Japan, South Korea, and Hong Kong are in the top three.

Ethereum not yet a favourite

Yet, no single country in the world has the search term ‘Ethereum’ at number 1, which is not surprising. After all, Bitcoin is the market leader, and terms like ‘crypto’ are preferred by people who come into contact with — the word says it all — crypto. In addition, NFTs experienced a huge hype last year.

Maybe Ethereum doesn’t have much enthusiasm at the moment, but if the ‘flippening’ were to take place — the event where Ethereum becomes worth more than bitcoin — this would also change in google trends.

Author

  • Florian Feidenfelder is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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