The last 5 days have witnessed a clear peak in Bitcoin searches. Experts reached this conclusion after making an analysis of the latest Alphabet Inc (NASDAQ:GOOG) Google trends data.
A quick outlook at a breakdown of the top 5 geographical locations where people have been making their Bitcoin searches shows South Africa as the one topping the list with a value of 82.
The success of Bitcoin
For over quite some time the SA citizens have been conducting research on Bitcoin. This success has been attributed to the efforts by its citizens and they hoped that a crypto ban wouldn’t be placed on their home nation.
There is an interesting twist in the turn of events. Nigeria and Ghana from the listing have been shown as taking the 2nd and 3rd highest search hits for Bitcoin respectively, a matter that a lot of people did not expect. They beat the more customary pro-crypto countries and one case scenario is Singapore which found itself in the 6th position. Reports have shown that the US standing in the 13th place whereas Hong Kong has scaled down to the 22nd place.
The latest changes are putting the market experts and analyst at task. Most of them are wondering whether or not they should be anticipating new BTC market support to pop up from the African investors shortly as a result of the heightened interest.
They are also wondering whether or not they will be compelled to rely on the current struggling global support in helping push Bitcoin above $7,000.Currently, a large number of traders are feeling frustrated by the market manipulation that was outlined recently but experts say that what the future brings is something they will just have to wait and see.
It was some time ago that the Google searches for Bitcoin were reported to have gone down to a figure of about 75 percent. Even with that, Bitcoin maintained a higher position than the searches of the famous pop-star Beyonce on Google Trends.
Brian Kelly, a Bitcoin analyst while addressing several journalists outlined that it was only in April that Beyonce beat the leading cryptocurrency in terms of the internet searches that were made.
According to the calculations by Kelly, the $6,500 level acted as the basic mining profitability level and that was in close consideration of the fact that most of the Bitcoin miners needed to update their hardware between every 18 months. It would be about taking the costs of mining to between $5,900 and $6,000.
Shortly before the tumbling of the markets, Nick Colas who is a pro-BTC raised several concerns regarding the waning interest in cryptocurrency. He made reference to the weak public interest indicators, including the low crypto wallet growth as well as the fewer Bitcoin Google searches. When pushed to make comments regarding the cross-comparison with Beyonce, the official declined saying he was more focused on what they needed to do to scale higher as a company.
It was also in May that fresh reports came up showing that a large number of the early adopters of cryptocurrencies had already been brought onboard which inspired hope for the future.