According to Google Trends, the number of search queries with the words “bitcoin price” has increased to the highest value since June 2019, amid an increase in the value of BTC.
Google Trends tracks the number of search queries for different words, assigning each a numeric value that indicates its popularity. Google Trends data gives a rough idea of the world’s interest in various aspects of the cryptocurrency market.
Last week, Google Trends returned a value of 21 for the worldwide search query “bitcoin price”. A month ago, this indicator was at around 10. According to Google Trends, user interest in the price of bitcoin has reached its highest since June 2019.
On November 30, the bitcoin exchange rate reached its highest in three years, exceeding $19,860 on most exchanges, but could not overcome the historical high of 2017. However, yesterday, the price of the first cryptocurrency briefly exceeded $19,892, breaking the record of 2017. Now bitcoin has lost in price and is trading at $18,800.
Despite the growing interest of Google users in the price of bitcoin, the current figure is far from the highs recorded at the end of 2017. Then Google Trends assigned the value 100 for the “bitcoin price” query.
The current data may support analysts ‘ assumptions that this year’s rally is mainly driven by increased investment from professional investors. Founder and CEO of the financial markets website ADVFN.com Clem Chambers said:
“The difference between the rally to $20,000 in 2017 and 2020 is that the current growth comes amid a lot of geopolitical chaos, an increase in the popularity of cryptocurrency, but less interest among ordinary people.”
More and more institutional investors are expressing their intention to invest in cryptocurrencies. Recently it became known that Guggenheim Partners may invest more than $500 million in Grayscale Bitcoin Trust.
In addition, recently the value of crypto assets managed by Grayscale Investments exceeded $10 billion, and Fidelity Digital Assets reported an increased interest of institutional investors in cryptocurrencies.
Analyst of the financial conglomerate JPMorgan Chase Nikolaos Panigirtzoglou (Nikolaos Panigirtzoglou) believes that institutional traders played a big role in the recent decline in the bitcoin exchange rate, and can push BTC to a new fall.
However, some market experts suggest that professional investors will bring significant benefits to the cryptocurrency industry in the long term. The co-founder and CEO of the Giottus cryptocurrency exchange, Arjun Subburaj, said:
“We believe that everything is just beginning. In 2021, there will be even more cryptocurrency rallies, and crypto assets will gain more popularity among ordinary people.”