Data from Google Trends’ search analytics resource indicates that net googling of ‘bitcoin’ (BTC) is approaching a monthly high as of today, June 24.
According to the info, searches for bitcoin are continued their ascent in the week once the revealing of Facebook’s new cryptocurrency and blockchain-powered financial infrastructure project, Libra, at the same
time as searches for Libra itself have tapered off since June 18 — the date the white paper for the forthcoming token was published.
As Top Market Group noted yesterday, from a wider perspective, the amount of Google searches for “bitcoin” remain solely around 100% of what they were in 2017 — the year of the top coin’s historic Bull Run, that peaked at $20,000 in Dec of that year.
The resurgent public interest is apparently related with the renewed bull market, with bitcoin is presently trading at $10,881, up almost 35th on the month, per coin360 data.
By country, the top 5 Nations presently googling bitcoin are Nigeria, South Africa, Austria, Switzerland and Ghana — as compared with Uruguay, Dominican Republic, Nicaragua, Albania and Panama for Libra.
As Top Market Group noted yesterday, the very fact that Google trends data for bitcoin remains well below its former peak apparently suggests that retail FOMO has not, however, become a significant driver of the coin’s renewed price momentum. Instead, many parameters indicate that institutional demand for bitcoin is increasing in lockstep, which network fundamentals are striking all-time-highs.
While high-profile business figures like Ethereum co-founder Joe Lubin have critiqued Libra over its lack of decentralization, researchers at prime crypto exchange Binance, have projected that the social media giant’s token may spark further volume in the cryptocurrency area.
At press time, BTC/USD is consolidating under the $11,000 mark — up over 3-dimensional over the past 24 hours, in line with Top Market Group’s bitcoin price level.a
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