The move toward financial empowerment for the common man through the debut of digital currencies such as Bitcoin (BTC) has seen a divergent rate of adoption around the world. One of the metrics for judging the potential interest in the revolution being heralded by cryptocurrencies is through the use of Google Search Trends. This gives a snapshot of the curiosity level in this emerging technology in the financial ecosystem in countries around the world.
Per the current Google Trends data, Bitcoin is currently at another all-time high (ATH) as the figure on record is at 100%. This data shows that the global search for Bitcoin is bullish and interests in the coin are commensurate with the coin’s fast-paced surge to beat its ATH price at $42,000.
The current ATH mark for the search value in BTC has remarkably quadrupled, considering its value in the past month. The trend value as of December 12, 2020, when Bitcoin was gearing up to begin the most significant bullish rally in its history, thus far was 25%, and the 100% value seen today is a testament that the growth of the coin and its associated curiosity is positively correlated.
The value of Google Search Trends for Ethereum (ETH) has also peaked since January 3rd in an attempt to emphasize the overall bullish interests in cryptocurrencies in general. The rise in the trend search for Ethereum was even more profound as the value a month ago was pegged at 15% against the 25% on report for Bitcoin.
There is a possibility that Ethereum’s Google search growth was inspired as many investors seek an alternative to Bitcoin which in the past month had risen in valuation beyond most investor’s ability to stock up a sizeable number. Ethereum constituted the next best digital currency and it was well reflected in the interest it generated globally.
The search trend data from Google is an aggregation of the overall search pattern in each country where Google users reside. Of the top five countries for the most Bitcoin searches, Nigeria, the most populous country in Africa ranks top with 100% search value.
The nation also tops the list of countries with the most Ethereum searches and this comes as no surprise as the country’s apex bank, The Central Bank of Nigeria is constantly rolling out stringent monetary policies that limit foreign remittances amongst other transactions. This potentially fueled the curiosity in Bitcoin and Ethereum amongst the country’s tech-savvy populace.
Austria, South Africa, Switzerland, and Cyprus completes the top five list for Bitcoin while North Macedonia, Kosovo, Slovenia, and Singapore complete the top 5 for Ethereum. The UK and the U.S ranked 21st and 23rd for Bitcoin searches respectively.
The search trends in themselves only show the regional popularity of assets under question and have little influence on where the big money pumped into either Bitcoin, Ethereum, or the altcoins flows from. The latter factor will arguably feature the U.S. and China as the majority of the institutions adopting cryptocurrencies such as MicroStrategy Incorporated resides there.