Bitcoin (BTC) might not be out of a bear market just yet, but the cryptocurrency is such a trending topic that it might as well be in a bull market. Since BTC suddenly surmounted $5,000 earlier this week, the ears of a public audience the world over have perked up, resulting in mass mainstream coverage (Bloomberg, CNBC, The New York Times, and even local radio stations — trust me on that one) and widespread social media hype.
Bitcoin Tops Google, Baidu Charts
If you open up social media, turn on your television, and talk to your friends, it’s all Bitcoin this, crypto that, just like late-2017. Monday’s rally and the subsequent fallout, which marked the first time the cryptocurrency market had seen daily double-digit billion dollar gains in months, if not over a year, undoubtedly caused a flood of interest from millions, even those sequestered away in little-known regions on Earth.
Per Google Trends, the “Bitcoin” search term interest over time chart tripled from March 31st to April 2nd, and is nearing levels it reached during December’s dramatic, harrowing plunge.
The “crypto” term saw a similar pattern, albeit not as drastic. It is important to note that this trend is global, with Google reporting that cities, like Lagos, Vienna, Berlin, Los Angeles, Toronto, and New York (this could signal growing institutional interest, just sayin’) have seen their local populations take a recent interest in Bitcoin.
Across the pond, in China, locals have also taken an interest in the leading cryptocurrency. Sure, exchanges and some forums pertaining to the cryptocurrency industry have been blocked by China’s cyberspace authorities, but “Bitcoin” still trended on Baidu, the nation’s (censored) Google equivalent.
CnLedger, a local industry enthusiast that recently returned from a multi-month, bear market hiatus, revealed that the term topped Baidu’s hottest emerging keywords chart on Wednesday, even after the rally.
All this goes to show that cryptocurrencies are returning to the public spotlight, potentially setting the stage for yet another rally in the long haul.
Funnily enough, however, some have decided to cast aside the postulation that these trends are decidedly bullish for the cryptocurrency. As a number of industry commentators recently noted, the “how to buy crypto” and similar search terms are still flatlining, indicating that while public interest in Bitcoin is evidently surging, many are still hesitant to get their hands dirty, so to speak.
Bitcoin Fundamentals Are On The Rise Too
There is no need to be bearish though. As Binance’s research division recently revealed, the uptick in search volume for “Bitcoin” has been accompanied by an array of fundamental factors that accentuate that the crypto industry is far from dead in the water.
Charts pertaining to on-chain transactions per block, the Bitcoin mempool’s pending transaction count, and mining difficulty have all started to near either all-time highs or levels seen in late-2017, giving an impression that the network’s fundamentals have barely let up, even amid collapsing prices and a continual stream of “FUD” from mainstream media outlets.
Canadian crypto researcher Kevin Rooke adds on Twitter that not are the aforementioned figures nearing all-time highs, but that Bitcoin’s average block size and community size have only been on the rise since 2018, further cementing the bullish narrative.
But will these upticks across the board, in terms of transactional throughput, mainstream media coverage, and interest from the public audience, be maintained? That’s arguably the question that needs to be answered if investors need to know whether the ongoing rally will continue or not.