The interest in buying bitcoin appears to lag the cryptocurrency’s price rise. A closer look at trending searches through the past month reveals that the phrase “buy Bitcoin” tends to increase in interest only after the price of Bitcoin has actually increased.
‘Buy Bitcoin’ Term Follows BTC Price
Data from Google Trends reveals that volumes of the search term “buy bitcoin” in the past month have increased only after the price has moved upwards.
As seen on the chart, the interest in the phrase peaked on April 3rd, hitting a score of 100 on Google Trends. This is the peak popularity for this particular term in the selected period.
On the same date, Bitcoin was trading at around $5,300, which marked a considerable increase of around 26 percent from two days prior, when it was trading at around $4,200.
On the other hand, comparing both charts also shows us that the interest in buying bitcoin decreases if the price declines.
Signs of FOMO
In other words, it appears that people are more willing to buy bitcoin at…