For the previous month, the number of requests for the word “bitcoin” in Baidu and Google has significantly increased. Mostly users ask about buying cryptocurrencies.
Shenliancaijing has published the report, telling about the growth of search requests for the word “bitcoin”. So, in Baidu search engine their number has increased by 138% for the last month. Interest in BTC also demonstrate users of Google. According to Google Trends, for the previous three weeks, number of these requests has grown from 29% to 57% from maximum weekly amount.
Last time the similar level of interest was in June 2019, when Bitcoin price reached its annual maximum. Generally, public interest in BTC is extremely changeable. As a rule, it rises, when prices grow. On the other hand, according to the latest data, users have begun to think about purchasing BTC at the lowest possible price.
Taking into account that markets of Bitcoin and altcoins are usually closely related, suppliers` interest in altcoins has not increased to the same extent. As the report says, the number of search requests for Ethereum and Ripple has not grown recently.
For the previous weeks all commodity markets are in chaos, because global economy is experiencing a severe decline due to the coronavirus pandemic. Although, in the last few days Bitcoin has stopped declining and even has recovered its positions a little, it is too early to speak about further rate growth.
If interest in buying at a low price grows, the number of Bitcoin holders who need fiat currencies to pay bills increases. Quarantine creates financial difficulties, and the trend towards the liquidation of crypto assets is likely to not end soon. In other words, until the economy begins to recover, and people around the world return to work, one should not expect the cryptocurrency market to stabilize.