Bitcoin Searches Go Up Correlating With The Price Increase

Bitcoin searches increased right after the price of the number one cryptocurrency started getting stronger again. This could be a piece of great news for future price movements and according to the analyst, the correlation between the two is strong. Let’s find out why in the altcoin news below.

The head of global marketing at SEMrush Olga Andrienko explained the correlation between the two saying:

 “We also identified that there’s an 80.8% correlation ratio between Google searches and bitcoin price.”

The correlation suggests that Bitcoin is in a very healthy position and somewhere between the 15 and 27 June, the bitcoin searches increased more than 158 percent. This happened during the price increase when the cryptocurrency reached a price point of ,100 and later to ,782.
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The price of BTC reached $11,865 on CoinMarketCap which is an 8 percent increase over the past 24 hours but it is still slightly below the week-long high that it achieved on Wednesday. Bitcoin is still well above the long year-low point below $3,400 in February.

As noted in the latest cryptocurrency news, the increase in bitcoin searches has shown increased interest for the cryptocurrency. For example, back I nMay, the searches climbed to a 13-month high right after CBS had a 60-minute special talking about cryptocurrency. Anderson Cooper tried to understand what cryptocurrency really was and they even talked about Satoshi Nakamoto. The episode attracted more than 8.2 million viewers and the show was seen in the Netherlands and South Africa.

The Google searches for ‘’what is bitcoin’’ are among the top-ranked questions for 2018. The surge was mainly driven because of the crypto market recording astronomical highs. The data shows that the bitcoin searches dropped off immensely for the rest of the year. The correlation between the two had a recent spike again. The searches for bitcoin doubled at the start of the year which is still a far cry from December 2017.

The interest in Bitcoin seems to be rising again. The search engine Baidu which is popular in China, also seen some increase in bitcoin searches in the past few days. The economist Alex Kruger found out that the price is correlating with the Baidu searches during May and at the start of April and he noted:

 “Both interest in bitcoin in China (as measured by Baidu Trends) and in the World (as measured by Google Trends) increased similarly and on the same dates.”