Google Trends Shows Altcoin Search Volume Reached New Highs
According to data provided by Google Trends, it is possible to see that the search volume for the “Altcoins” topic has reached new highs. The cryptocurrency market has been in a bear trend since the beginning of 2018, but it seems that there is an increased interest in digital currencies.
Altcoin Search Volume in Google Trends Grows
Bitcoin (BTC) and most virtual currencies have reached their all-time highs between December 2017 and January 2018. Since that moment, the crypto market is in a bear trend. During 2018, most of the digital assets lost more than 80% of their value, while others simply disappeared.
Because of this situation, projects and companies have been in difficult situations, firing personnel or simply reducing the funds to develop products and services.
Altcoins, digital assets other than Bitcoin, have performed worst than Bitcoin itself. There are many reasons why this happened. According to Google Trends, the term “Altcoins” has been falling since January 2018, following the trend of the market. Nonetheless, at the beginning of March, this term reached the same levels as it had in January 2018, after the bull market.
This provides strength to the theory that says that Bitcoin bottomed in December 2018 when it fell down to $3,200. At the same time, there are several atlcoins that were able to move upwards during the last few months. Just Litecoin (LTC) and Binance Coin (BNB) have been the best performing digital assets among the top 20. Since they reached their lowest point in December they have more than doubled their price. Nowadays, these two digital assets have more than 4.15% of the total market capitalization of virtual currencies.
According to Google, the topic “Altcoins” is related to related search terms that are aggregated in order to provide a better idea of what people are searching for.
The increase of the “Altcoins” search term seems to confirm the positive sentiment that is currently being built in the crypto space. Nonetheless, it is always important for investors to analyse different metrics and aggregate them all to have a better idea of what is happening in the market.
In the last 24 hours, the cryptocurrency market has been operating stably. Bitcoin is currently growing by 0.12% and it has a price of $3,916. Other digital assets such as Stellar (XLM) are falling more than 4.5% in the last 24 hours.
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