According to global data from Google Trends, the search term “bitcoin” has achieved a score of 93 out of 100 in the last seven days. Additionally, the bitcoin price broke above the $30,000 range for the first time in ten months, or since June 2022.
Bitcoin Search Interest Rises as Leading Crypto Asset Hits $30,000
On Tuesday, April 11, 2023, the price of bitcoin broke above the $30,000 mark for the first time since June 8, 2022. According to coinmarketcap.com statistics, BTC dominance it is currently over 47%, the highest level in two years. Currently, the hashtags #bitcoin, #ETHand #cryptocurrency are all the rage on Twitter, and there are currently over 88,000 tweets using the #cryptocurrency hashtag. At 4:00 PM ET Tuesday, the search term bitcoin reached a score of 93 out of 100 on Google Trends (GT).
A GT score of 100 indicates the peak popularity of a search term in the selected region and time period. It also means that more people are searching for the term than at any time in the past. On the other hand, a score of zero conveys insufficient data to measure the prevalence of the search term. Google Trends data, in terms of search history, goes back to 2004 and the search term bitcoin scored a 2 in June 2011 for the first time.
Also, the search volume for bitcoin has increased in the last 24 hours. Over the last 30 days, the search term has a score of 64 of 100. On Tuesday, the score for bitcoin-related news searches was 54 of 100. However, on April 10, 2023, the bitcoin news score jumped to 100. On Tuesday, a significant amount of global interest in bitcoin search queries was related to El Salvador.
El Salvador is followed by regions such as Nigeria, the Netherlands, Slovenia and Switzerland in terms of bitcoin search interest. On Tuesday, some of the vertical trends or related inquiries included Bitfinex being granted a license in El Salvador to issue bitcoin bonds. Other bitcoin-related stories that pushed it to the top of searches included the recent discovery of the Bitcoin white paper on macOS devices. Related topics associated with the search term bitcoin include the White paperMicrostrategy and the name Nakamoto.
Although bitcoin has surged in popularity this week, according to GT data, the search term has yet to reach the all-time high of 100 that it reached in December 2017. During the 2021 bull run, when bitcoin surpassed its 2017 price peak, the search term for bitcoin achieved a score of 65. As of March 2023, GT data sample that the score for bitcoin search interest is 23 out of 100. This score is higher than the low of 17 out of 100 that the search term bitcoin received in December 2022.
What do you think is driving the increase in bitcoin search interest and do you think this upward trend will continue? Share your thoughts on this topic in the comments section below.
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