Google searches: The search for buying bitcoin and the search for merging with Ethereum set a record
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Answer Google searches: The search for buying bitcoin and the search for merging with Ethereum set a record
Demand and interest in bitcoin appears to be fading among retail investors, at least according to Google Trends data.
Meanwhile, searches for the upcoming “Merge” upgrade event soared to an all-time high days before the blockchain moved to PoS.
Bitcoin searches back:
Google Trends data shows the behavior and interest of retail investors as they tend to inquire about certain investments on the world’s largest search engine.
The rule of thumb is that when a cryptocurrency rises significantly, more people are looking for it which is a clear example amid price hikes in late 2020 and 2021.Read:Binance adds the option to trade Ethereum futures contracts with up to 50x leverage
When the digital currency cools down and lacks volatility, the trend changes.
This has been the case in the past several months, as Bitcoin lost more than 50% of its value and then calmed down around the $20,000 level.
Worldwide searches for “Bitcoin” dropped to their lowest levels since December 2020 ahead of a bull market.
Meanwhile, searches for “buy bitcoin” have fallen to levels last seen over two years ago.
It’s different with Ethereum:
While retail investors are showing little or no interest in the largest cryptocurrency, they seem quite determined to learn more details about the second largest, especially the most important event in its history of upgrading the merger.
Merge is based on the network’s transition from an energy-intensive consensus working mechanism to a more environmentally friendly proof of stakes mechanism.
The process is nearing the end of the upgrade, as Ethereum is preparing to complete it, possibly in the next few days.
Compared to Bitcoin and its mining reward halving every four years, the merger has had a profound impact on retail as Google searches for Ethereum Merge soared to a new all-time high.Read:Information about Binance’s new subscription to the SAND cryptocurrency
It is somewhat expected, given its importance.
Although seen as a long-term positive step that will improve the network in several respects, billionaire Mark Cuban recently warned that the merger could have a short-term impact and there would be big sell-offs when the upgrade is over.
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