- Bitcoin overtakes VISA, Trump, PayPal, and Libra on Google Trend search
- Bitcoin price dictates mainstream attention
- Bitcoin’s search engine interest peaked when BTC price hit its year-to-date high
Cryptocurrency News Today – This year has been a pretty slow one for Bitcoin (BTC) in terms of price performance. The digital currency is up by about two-fold since the beginning of this year. However, it is at risk of ending the year with a decrease of 50 percent from its year-to-date high. Nevertheless, it has managed to overtake VISA, Donald Trump, Libra, and PayPal on Google Trends at the peak of the year.
Eric Wall – a digital currency researcher – pointed out that the popularity of Google Trends for the keyword “Bitcoin” hit its one-year high from June 23 to 29. At that time, the price of Bitcoin (BTC) began to show a parabolic rally to over $12k after hovering around the $5k level one month prior in May.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Price Dictates Mainstream Attention
Unlike other assets, the price of BTC tends to move based on a cyclical trend and sentiments have more impact on it than it does on of value such as gold. As such, when the digital currency starts to see an extended rally, it often doubles or triples up within a period of months. For instance, from the beginning of this year to June 26, the price of Bitcoin surged from $3,630 to $13,900, which is an increase of more than 282 percent.
Data from Google Trends shows that the price of BTC dictates the attention of the mainstream, and not the other way around. This means that an increase in search engine interest does not contribute to the increase in the price of the digital currency. Instead, the price of the digital currency affects how people usually search for the keyword.
According to the data, when Bitcoin tested its year-to-date high, the attention of the mainstream also achieved a new high towards Bitcoin and the altcoin market. That also triggered FOMO in the market.
Will Bitcoin’s Mainstream Attention in 2020 be as Strong as It Was in June?
This year, the digital currency market saw the debut of highly anticipated products and platforms such as that of Bakkt. The crypto space also welcomed the addition of digital currency-related services by financial corporations such as CME Group. Nevertheless, it lacked a major fundamental event to sway the price of Bitcoin and that of altcoins.
The halving of mining rewards on the Bitcoin network is expected to take place in May next year. The event will cut the issuance of Bitcoin by 50 percent, and any event that affects the supply of BTC will have an enormous impact on a currency that relies on its scarcity.