Public interest in cryptocurrency has seen a significant uptick in recent weeks as Bitcoin (BTC) rapidly fell to a new 52-week low. Interestingly, this bearish price action has prompted internet users to start searching the term on Google again, driving the number of “bitcoin” searches to an 8-month high.
Google Trends utilizes numbers to represent search interests that are relative to the highest point on the chart (100) for the given time and region. As of last week, the global frequency of searches for Bitcoin dropped to a value of 15. This represents an almost 100% increase from the two weeks prior.
Searches of both Bitcoin and Ethereum (ETH) recently hit 18-month lows in October, which was largely due to the ongoing bear market and uncharacteristically long period of price stability. While searches for Ethereum are up relative to that low point, the increase has been far less than Bitcoin’s jump.
BTC is currently trading for $4,232, giving the cryptocurrency a $73.6 billion market cap making it roughly 54% of the $136 billion crypto market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.