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According to recent Google search explorer research, the weekly number of global searches for the keyword "bitcoin" has reached its highest point since the first week of April 2018. The data reveal that most of the research comes mainly from Nigeria, from South Africa and Austria, while the United States occupy only the 19th position in the ranking.
The exact number of searches has not yet been revealed, but according to the data, the number of searches in the last three days represented 17% of its weekly volume of all time, which could be observed at the end of December 2017, when the cryptocurrency price has exceeded $ 20,000 setting a record.
Last week, Bitcoin hit newspaper headlines with a decline lower than ever since September 2017. On November 26, the cryptocurrency rate exceeded $ 3,000. When the encryption market records heavy losses, miners find it difficult to match their profits at the cost of mining. The low price of Bitcoin is making my cryptocurrency less profitable. Last week, he led a number of cryptocurrency mining companies to declare themselves bankrupt.
However, Bitcoin showed good recovery within 24 hours of falling below $ 3,000. This recovery was a temporary relief for cryptocurrency investors. Currently, the price of Bitcoin is higher than $ 4000. Maybe that's why the cryptocurrency has captured so much global attention in the last three days.
According to Google's trend explorer research conducted in August, euphoria among retail investors has slipped to the lows for three years, which was closely linked to the changing fluctuations of the cryptocurrency market.
At the same time, in August, Yale economists, Aleh Tsyvinski and Yukun Liu, developed a study that shows how cryptocurrency markets move according to the type of attention they receive. They believe that the price of Bitcoin is based on historical data on prices and on Google's search query. And this statement seems to be true. The cryptocurrency markets do not behave like traditional financial markets, which is why the attention and attention of investors are the two key factors that can influence the prices of digital currencies.
Because Google search trends are always tightly linked to the price of Bitcoin, you can use it to detect speculative bubbles as well as the best and worst times to buy the cryptocurrency. This idea comes from a study conducted in 2017 by researcher Willy Woo.
So, if analyzing the history of the highs and lows of Bitcoin, the periods in which the cryptocurrency was higher than $ 3000 turned out to be the points of maximum financial opportunity, while the historical highs, on the contrary, were nothing but signs of a new price drop.
