Chart Shows Correlation Between Google Searches Of ‘Bitcoin’ And Crazy Rise Of Cryptocurrency
Bitcoin is all the rage these days. But the cryptocurrency is extremely volatile. For instance, last Friday, Dec. 1 at 12 pm, Bitcoin had a value of $10,436. This Thursday, Dec. 7 at 9 pm, Bitcoin had a value $17,105, and by Friday, Dec. 8 at 7 am, Bitcoin had a value of $14,969. So what drives Bitcoin? One noteworthy and peculiar chart links Bitcoin’s ascent with Google searches for the digital currency. This begs the question: Are internet searches are helping to fuel the cryptocurrency’s rise?
MarketWatch points out that there seems to be a remarkable correlation between Google searches for Bitcoin and the price of Bitcoin. While there’s nothing scientific about this noteworthy connection and it’s merely an observation, it’s interesting to see that people Googling “Bitcoin” and the price are near identical for the past few years.
In related Google search news, people are searching for “Buy Bitcoin” more than “Buy Gold” for the first time ever. This has to do with Bitcoin’s astronomical and unbelievable rise coupled with the prices dropping for gold. This week, gold prices fell to their lowest in over four months at $1,251.68 per ounce. Since hitting a one-year high on Sept. 8, gold has dropped about 6% this year. Meanwhile, Bitcoin has blown up. One year ago today, Bitcoin had a value of $766.75 and at the time of publication, Bitcoin was at $15,626.67.
Thinking about investing in the volatile Bitcoin? Billionaire investor and businessman Mark Cuban gives his one piece of advice in putting your money into cryptocurrencies.