Global searches for cryptocurrencies in “Google” reach a new high ever!
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Answer Global searches for cryptocurrencies in “Google” reach a new high ever!
Recent developments in the field of cryptocurrency have caught the attention of individual investors.
Google Trends data shows that the number of searches for “cryptocurrencies” has risen to all-time highs with inquiries ranging from environmental issues to whether investors are selling their cryptocurrency.
Cryptocurrency searches are peaking:
The GoogleTrends Twitter account highlighted the massive rise in online searches for “cryptocurrency” yesterday.
The chart below shows that global inquiries waned at the peak of 2017/2018 and are heading towards another all-time high.
In addition, the world’s largest search engine provided more details about the various queries related to cryptocurrencies that users searched for.
The most significant increases came from searching for a phrase:
“What Happened To Cryptocurrencies Today?”, which recently saw an 850% rise.
Interestingly, searches for the phrase:
Should I sell cryptocurrency? In the US alone it is up 400% in the past day.
It came amid one of the biggest market-wide crashes as Bitcoin plummeted by $10,000 and most altcoins bled even worse.
In addition, people were very concerned with environmental issues.
A GoogleTrends account noted that cryptocurrencies are the most energy-efficient and environmentally friendly cryptocurrencies are being suggested in “quick searches.”
Perhaps Elon Musk is to blame, as the CEO of Tesla criticized the energy consumption levels in the Bitcoin mining process as Tesla stopped receiving Bitcoin payments for the same reason.
In the past two weeks, environmental concerns have been among the hottest topics in and out of the crypto space.
Read:Cryptocurrency investors lose millions due to scams
Where does this request come from?
As the above-mentioned graph in the tweet shows, the previous massive increase in Google searches was similar to what happened in 2017/2018.
As such, it would be safe to assume what the primary driving force behind the rising interest is, and somewhat unsurprisingly, that it has much to do with prices.
Back in late 2017 and early 2018, Bitcoin and the rest of the market were going through an impressive bull run at the time with Bitcoin hitting an all-time high of around $20,000 and Ethereum over $1,400…
Read:Coinbase launches a bank card that allows you to buy with cryptocurrency
These cryptocurrency price increases caught the attention of the media, and soon after, retail investors.
However, once the bubble burst and the crypto space entered a year-long bear market, searches dropped rapidly.
Nobody was really talking about bitcoin at $5,000 or less.
The trend reversed again in late 2020 as the bulls took over.
Bitcoin and many alternative cryptocurrencies achieved their historical peaks, which made the value of the crypto market as a whole outweigh the value of “Apple” and interest in it increased again by retail investors.
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