Google trends data has recently revealed that the sheer volume of searches for “buy crypto” has exploded in recent weeks, reaching a two-year high in the process.
At the same time, “buy Bitcoin” searches, in particular, have started to increase since late July. Previously, it had jumped just before the 2020 halving, before immediately decreasing. Now, however, it’s going back up again.
A Brief History
Google trends explained that the total amount of searches for “buy crypto” had reached a predictable all-time high during late 2017 and early 2018. This coincided with the same time where cryptocurrencies experienced a trend of parabolic growth. Back then, the market was exploding with double, sometimes even triple-digit price dumps on a daily basis, which garnered massive levels of interest with retail investors.
However, this all came with a price. After the ludicrous bull run, the crypto industry fell into a bear market that lasted the entire year, falling down in value by 95% in some cases. Google searches saw such massive drops, as well. The markets started to pick up steam during the bull run mid-2019, but has since dropped back down, going outright bearish once the COVID-19 pandemic hit.
Bullish For Crypto
These past few weeks, however, have seen the reverse happen, trend-wise. Google trends highlighted several consecutive yearly highs occurring recently, having started back on the 26th of July, and increasing to date.
The latest spikes in “buy crypto” can be attached to an array of factors, but one of the primary drivers is the current price actions within the field itself. The crypto industry, for the most part, has started to regain its price, and at the same time, many forms of altcoins saw notable increases on their own. Chainlink stands as a leader in this, leading to all-time highs in both price and google searches.
Much Room To Grow
Another key factor is the rampant growth of the Decentralized Finance (DeFi) space within the crypto industry. As it stands now, the total value locked within the DeFi sector is well over $6 billion in value. Projects within the DeFi space have seen massive value surges, as well, and the result is google searches started to increase, in turn.
As it stands now, these searches are the most that the crypto space has seen in two years, but even then, it’s a far cry from the massive ATH it recorded in December of 2017. As such, there might be a lot more room to grow, since the cryptocurrency is seeing a price rise even without the massive amounts of interest the masses give.
Credit: Source link