Bitcoin (BTC) seems to be attracting the attention of different investors around the world, including companies. The digital currency was able to grow from under $4,200 to $8,300 in just a few weeks. This has increased the interest of individuals in the market. This is according to Google Trends, which shows that Bitcoin has registered a better performance than many individuals such as Ariana Grande or Donald Trump.
Bitcoin Surpasses Important Names In Google Trends
After surpassing $5,000 a few weeks ago, the interest for the digital asset soared. This is something that can be seen on Google Trends. The virtual currency has experienced better performance than Ariana Grande, Kim Kardashian and Donald Trump, the president of the United States.
The most popular digital currency around the world was able to gain 30% in April. After a bear market that lasted for more than a year, having such a positive month is bullish for the digital currency. In May, Bitcoin continued with its growth path. On May 15, Bitcoin was able to surpass $8,300 in some exchanges before dropping all the way down to $7,150.
Thus, this behaviour that Bitcoin had has gathered the attention of retail and institutional investors. Different newspapers, news sites, blogs and social networks have been talking about Bitcoin and digital assets as a whole.
In a recent report released by the Southern Methodist University, Twitter and Google search activity could help experts, investors and analysts to predict the price movement of the two largest virtual currencies in the market, Ethereum (ETH) and Bitcoin.
In this report, they explained that there is a correlation between price and Google Trends data. However, the sentiment in Twitter tends to be much more positive than on other social networks, even during bear markets. For example, the Ripple community is very active and is always promoting the XRP digital asset on Twitter.
The report said about it:
“Both Google Trends and tweet volume were highly correlated with price. In addition, the correlation held during a period of increasing and decreasing prices suggest that the relationship is robust to periods of high variance and non-linearity. The findings of our analyses show that sentiment analysis is less effective for cryptocurrency price changes in an environment in which prices are falling.”
At the time of writing this article, Bitcoin is being traded around $7,300 and it has a market capitalization of $129 billion, according to data provided by CoinMarketCap.
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