According to Nick Colas, one of the most well-known cryptanalysts and co-founder of Data Trek Research, a close look at Google’s data can predict the next bitcoin trend. Bitcoin’s skyrocketing price and swift fluctuations are the result of Bitcoin’s search queries. In a conversation with CNBC, Mr. Colas referred to an extensive search volume of Bitcoin. He said that Bitcoin alone accounts for sixty percent of the global search.
Bitcoin takes second place in the Global News category, according to the latest Google Trends in Search 2017 report. In addition, the Wikipedia report indicates that Bitcoin was visited 15,026,561 times in 2017. In addition, “How to buy Bitcoin” has taken third place in the “how to” category.
Mr. Colas drew his theory on bitcoin fluctuations and added, “Search trends skyrocketed after Thanksgiving here in the US last November. More than a doubling within a few weeks “. The search for the term “bitcoin” actually resulted in a large number of wallets being created.
According to him, when the price reached $ 20000 in mid-December 2017, bitcoin searches also increased, and as it fell in the $ 10000- $ 11000 range, searches also declined.
Similarly, Google Trend also presents the list of countries that often searched for Bitcoin. The countries that topped were South Africa, Slovenia, the Netherlands, Nigeria and Australia. It is noteworthy that the US is in 16th place.
UBS Wealth Management Chief Investment Officer Mike Ryan was asked about the reasons for Bitcoin’s rapid rise in recent weeks. He says:
“The first type is those who are hot with the headlines about cryptocurrencies, don’t understand them, but want to. The second are those who have read about the rise of the currency price and didn’t want to miss out. The third are those who want to know whether this will fundamentally alter commerce and if businesses will have to engage with it.”
Since the correction in December 2017, the leading crypto currency still fluctuates between $ 10,000 and $ 11,000. Despite all the controversy, Bitcoin continues to be the largest crypto currency compared to the market cap of other coins. It was the ninth most visited page on Wikipedia and was listed as the top second keyword in the News category.
