Search data shows that people want to "buy Bitcoin" rather than sell it

Bitcoin's dominance index aims at historical all-time high

Searches for the keyword "Bitcoin" have increased significantly in the past 30 days, according to Baidu's Data Index. This public interest coincides with other signs, which show that investors increasingly see the current market landscape as an "opportunity" to buy Bitcoin cheaply.

Bitcoin buyers are seeing a clear opportunity

According to one report Recently, Chinese blockchain analyst Shenliancaijing found that Bitcoin searches have soared by 183% on Baidu over the past month. Such an increase in interest in digital assets is not surprising given the current chaotic situation of the global economy.

Bitcoin search volume has also increased sharply on Google. In the past 3 weeks, its ranking has increased from 29 to 57 as a search term on Google Trends. The No. 1 cryptocurrency had similar performance in June 2019 - when its price reached an annual high of nearly $ 14,000.

Just like its value, public interest in Bitcoin is very volatile. This indicator usually moves up when prices rise. In this case, the public is clearly exploring buying opportunities at a low price. A Redditor recently posted a comparison on another Google Trends showing that interest in "buying Bitcoin" is much higher than "selling Bitcoin".

Comparison between should I buy bitcoin vs should I sell bitcoin on google trends. How significant do you guys think this is? from Bitcoin

The growing interest in BTC may not drag to altcoin

While the altcoin and Bitcoin markets are still closely linked, users' interest may differ. For example, searches for terms like "Ethereum" and "Ripple" did not increase in the same time frame.

Regardless of where the public stands on cryptocurrencies, at this time, all commodity markets are in turmoil as the global economy is reeling from the COVID-19 boom. Although Bitcoin has recovered significantly from its collapse from last week, it is still too early to know whether this short-lived recovery will last.

If interest is bought at a time when prices are falling, then Bitcoin holders also need cash quickly to pay their purchases. The suspension of many businesses and individuals due to the corona virus is creating unprecedented financial tensions in the modern era, and the trend of selling cash assets for cash may not be over. In other words, people have to go back to work to get the market back to normal sentiment.

Search engine data is a far cry from the only indicator of an impending market recovery. Blockchain development and adoption continues to be driven in the future, as well as interest from institutional investors. Therefore, it is not surprising that people with backup assets are preparing to take advantage of this "rare" opportunity to enter the crypto market.

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According to Bitcoinist
Translated by ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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