Bitcoin has traveled quite far over the last couple of years as it has been igniting curiosity in many. In recent months, nations that had a skeptical approach towards Bitcoin are now embracing it with open arms.
For instance, the way India recently lifted the ban over cryptocurrency, it seems, Bitcoin along with other cryptos will open a new era in the investment sector in the country. This seems to be a significant win for the crypto believers in India and it can be largely attributed to those who have shown a dedicated interest towards crypto adoption.
Google Trends and Bitcoin
Similarly, such intense fascination for cryptos has been noticed in other countries too. According to reports of Google Trends, ‘Bitcoin’ was the most searched term on its search engine in 2018. A majority of them were intending to know ‘What is Bitcoin?.’
One more time when Bitcoin had turned heads with its search volume on Google was very recently in February this year. The coin was vigorously marching towards the $10,000 price mark at the time and this probably struck a chord with the crypto believers.
A Bird’s Eye View…with Twitter!!
The crypto community did not just stop with Googling, in fact, Twitter also witnessed an overwhelming scenario regarding Bitcoin. In the previous month, Bitcoin-related tweets kept impressively increasing and it finally reached above 75,000 on Feb. 2, which was the highest in the last 2 years.
Coronavirus Snatching the Fame
Despite the fact that crypto is set to have a smooth entry in a country like India, it is something else that is making huge rounds of news. Coronavirus is the single term that can give chills of fear these days as it has been taking thousands of lives for the last couple of months.
Interestingly, with the advent of the Coronavirus endemic, Bitcoin seems to be affected. Coronavirus has put a negative impact on Bitcoin’s search volume. The chart clearly shows how Coronavirus related searches have shot up recently.
The lethal disease has already stepped out of China and the level of threat has encompassed the whole world. Similarly, as Google trends and Twitter, Reddit has also witnessed the same stir. Recently, ChartStar tweeted about how the mentions of ‘Bitcoin Price’ has decreased as compared to the mentions of ‘Coronavirus’ in comments received on Reddit’s platform.
Indexing Reddit comments into our db and noticed counting the amount of chatter about Coronavirus in Reddit comments is like a technical indicator correlating with BTC price.
Read our blog post to see this discussed in more depth 👇https://t.co/L4Fz5ANyQ0 pic.twitter.com/uZ0VkdVlbh
— ChartStarHQ (@ChartStarHQ) March 4, 2020
For more clarity, here is the chart:
The horizontal x-axis shows the number of weeks of this year.