By Tobi Loba
Despite the recent downturn in the cryptocurrency market, which aided Bitcoin (BTC), the first and largest cryptocurrency to lose relatively 50% of its value within a few days, the interest in buying Bitcoin (BTC) still grows as shown by recent data.
There’s a report issued by Shenliancaijing in Chinese showing that searches for Bitcoin on Baidu over the past thirty days have spiked by 183%.
This recent spike could be simply attributed to the moment of financial crisis initiated by the outbreak of COVID-19. Basically, people are looking for a safe haven in Bitcoin.
Also, Bitcoin searches on Google are also up to a reasonable extent over the past three weeks. This growth of interest in Bitcoin was last experienced in June 2019, when the digital currency was closer to recording its yearly high.
Obviously, the price trend of Bitcoin controls the interest of the people. This simply implies that the volatility of the price of the digital currency directly makes the interest of the public volatile.
At this time, the interest in Bitcoin is expected to drop, since there’s a significant loss of price. Howbeit, the reverse seems to be the case as shown in the report. The public is clearly leveraging this moment to buy more Bitcoin, which indicates their belief in the prospect of the cryptocurrency.
Public Interest in Buying Bitcoin (BTC) Notably Surpasses Selling It
As shared by a Reddit user some hours ago using Google trends, the search interest in buying Bitcoin significantly surpasses the search interest in selling the digital currency within a specific time range.
This shows that people have a growing interest in buying Bitcoin (BTC) rather than selling it, in a time when the cryptocurrency has an opportunity to prove itself as a safe haven, but still not exploring the chance.
Bitcoin (BTC) in the Market
Bitcoin (BTC) is presently holding the $6,000 support level. Its next move is unpredictable due to the recent but unfavorable price trend.
At the time of filing this report, BTC is trading at $6,232.29, with a 0.48% price uptrend in the last 24 hours.