Google trends data reveals that the number of “buy crypto” searches has exploded worldwide in the past few weeks to a two-year high.
Simultaneously, the “buy Bitcoin” searches, which jumped prior to the 2020 halving and decreased immediately after, have increased since late July.
According to Google trends, “buy crypto” searches reached an all-time high rather expectedly during the parabolic price increase of late 2017 and early 2018. As the market was exploding with double and even triple-digit price pumps daily, retail investors displayed a massive interest in the field.
However, as all cryptocurrencies went into a year-long bear market where prices fell by 95% on some occasions, so did Google searches. They picked up during the mid-2019 bull run but dropped back down as the market cooled off.
In the past few weeks, though, the trend has reversed. Google trends illustrate a few consecutive yearly highs starting from July 26th to date.
The latest “buy crypto” search spikes could be attributed to several factors, primarily linked to the price actions in the field. Most alternative coins have seen notable increases, with Chainlink leading the way to two all-time highs – for Google searches and price developments.
Another sector that underwent a significant popularity boost is decentralized finance (DeFi). With the total value locked exceeding $6 billion, projects surging in value, the Google searches have also followed suit.
As CryptoPotato reported back in May this year, the number of “buy Bitcoin” searches reached its highest point since April 2018. It came just week before the third BTC halving, which took place on May 11th. It’s safe to assume that the event was the primary reason for the increase because the interest dropped substantially shortly after its completion.
During the following few months, Bitcoin’s price was somewhat stable without any major fluctuations in either direction. Consequently, the interest in the asset decreased until a few weeks ago.
When BTC decided to follow the rest of the rising cryptocurrencies in late July and break above $9,000, retail investors began looking into it again. As the asset was heading upwards to new yearly highs, the “buy Bitcoin” Google searches started to recover and recently reached its highest level since May.
On a macro scale, however, it’s worth noting that the searches are a long way from the ATH marked in December 2017. This could suggest that there’s a lot of room to grow as its price is increasing now even without the massive interest from the masses.
