During the past months, Bitcoin (BTC) price suddenly fell almost to 6,500 USD before which the value of the coin stably stayed over 8,000 USD for a significant amount of time. This was the lowest price of Bitcoin during the last 7 months after the downturn to 6,500 USD in May of this year. Interestingly enough, looking at Google trends we can clearly see that every time the interest around crypto coins increases on the platform, major price shifts occur.

Last month, the number of searches for the term ‘Bitcoin’ has been at its highest point since the end of October, when the first crypto coin moved above 9,200 USD. It is also important to note that most of the curiosity for Bitcoin came from developing African nations including Ghana and Nigeria, along with Switzerland and Austria.

According to statistics, Google searches related to BTC price were very active during major value movements. For instance, during June 2019 when the price moved from around 9,000 USD to 12,900 USD, Google searches went to a 12-month peak.

In the same way, Google searches for Bitcoin were peaking during May, July as well as the end of October, when Bitcoin price volatility was experiencing spikes. According to a crypto analyst from the Blockchain Today, stated that except this, the amount of money entering and moving from the crypto market can be also measured by the market capitalization of Tether (USDT). Looking at this measurement, we can clearly see that during the past couple of months not many funds were entering the crypto industry.

Yet, the most interesting part about Bitcoin searches on Google is the amount of traction that the coin has gained from developing countries. As a number of African countries battle with inflation many citizens are turning to cryptocurrencies as safe havens.

 

On the other hand, as Bitcoin halving is approaching, all the attention is turning towards this coin. To learn more about Bitcoin & BTC price, have a look at  Bitcoin Price updates as well as Bitcoin (BTC) Price Predictions.