According to Google the word "buy cryptocurrencies" has reached its highest point since January 2018
Google Trends data reveals that the number of searches for "buy cryptocurrency" has skyrocketed around the world in recent weeks to a high of two years.
At the same time, searches to “buy Bitcoin”, which increased before the 2020 halving and decreased immediately after, have been on the rise since the end of July.
The word "Buy cryptocurrencies" in a maximum of two years
According to Google Trends, searches for the word "buy cryptocurrency" hit a long-awaited all-time high during the parabolic price spike of late 2017 and early 2018. As the market exploded with double and even triple digit price pumps on a daily basis, retail investors showed massive interest in the field.
However, as all cryptocurrencies entered a one-year bear market where prices fell 95% at times, so did Google searches. They rallied during the mid-2019 bull run, but turned down again as the market cooled down.
However, in recent weeks the trend has reversed. Google Trends illustrates some consecutive yearly highs as of July 26 to date.
The latest search spikes for “buy cryptocurrencies” could be attributed to several factors, mainly related to price actions in the field. Most altcoins have seen notable increases, with Chainlink leading the way to two all-time highs: for Google searches and price developments.
Another sector that has seen a significant increase in popularity is decentralized finance (DeFi). With total locked value exceeding $ 6 billion, projects increasing in value, Google searches have also followed suit.
Searches for "Buy Bitcoin" recovered from halving
As reported in May this year, the number of searches for “buy Bitcoin” reached its highest point since April 2018. It occurred just a week before BTC's third halving, which took place on May 11. It's safe to assume that the event was the main reason for the increase because interest decreased substantially shortly after its completion.
For the next several months, the price of Bitcoin remained somewhat stable with no major fluctuations in either direction. Consequently, interest in the asset declined until a few weeks ago.
When BTC decided to follow the rest of the cryptocurrencies on the rise in late July and surpass $ 9,000, retail investors began to investigate it again. As the asset headed up to new yearly highs, Google searches to "buy Bitcoin" began to rebound and recently hit their highest level since May.
However, on a macro scale, it is worth noting that searches are a long way from the ATH marked in December 2017. This could suggest that there is a lot of room to grow as its price is increasing now even without massive interest from the masses.