The recent price rally of Bitcoin and other altcoins has got everyone elated and it has created quite an inquisitive sentiment among those who were not sure over investing in Bitcoin or were waiting for the bulls to arrive. Bitcoin is currently rallying around $4959 with a total market valuation of $87 billion.
The excitement and interest of people have risen again and the Google data suggest that the searches for the term Bitcoin have risen to the 7th spot in the USA.
As per the data from Google trends, Bitcoin was searched over 100,000 times on 2nd April after the price peak. This was well above the traditional searches like “Kim Kardashian” and “Taylor Swift”. The data also suggest that the interest of people towards Bitcoin is double than that of tradional searches.
The major cities which saw the maximum spike in search terms for Bitcoin includes Hawaii, Nevada, California, and Washington. The spike in search for Bitcoin is in accordance of the price rise of the cryptocurrency, and some of the most used keywords include “why did Bitcoin go up today”, “why Bitcoin is up today”, and “why is Bitcoin rising”
Are These Public Sentiments an Indication of The Bull Run
The sudden interest of people towards the Bitcoin is surely a positive sign and its quite similar to the trends and sentiments during the 2017 price peak. However, trade markets are not something which follows the public sentiments or something which can be predicted accurately. But, it’s a common observation that whenever public sentiments are positive towards the crypto space, it has bloomed beyond anyone’s imagination.
The recent surge in prices is being speculated to be triggered by an anonymous whale pumping a large sum of Bitcoin which triggered trading bots to execute several trades in a matter of few hours driving the prices of the whole market in green.
Apart from that, the surge in prices is backed by the trade volumes Cryptopotato reported yesterday, the recent surge in prices saw the trading volume on the world’s leading crypto exchange Binance reaching an all-time high.
Whether the Bitcoin and rest of the altcoins are able to stabilize their gains and start the impending bull run, we have to wait and see.