Google Trends Data Suggests Bitcoin’s Price Recovery Was Fueled by Institutional Money

Data from Google Trends appears to suggest that bitcoin’s rally so far this year has been fueled by institutional investors entering the market, and not by retail investors buying the flagship cryptocurrency to then sell higher.

The search engine’s data comes in an index that ranges from 0 to 100, and indicates search interest for the term “bitcoin.” While an exact number of searches isn’t known, it’s clear from Google’s data that interest for BTC dropped significantly when compared to 2017,

When the flagship cryptocurrency hit its all-time high near $20,000 in December of 2017, the index for bitcoin was at 100, and dropped throughout last year’s bear market to a low of five before it started to recover in December of 2018. Currently, it’s at 12.

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#BTC #Bullish #Google

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