Bitcoin Searches Are Popular in Which Countries?
In recent months, Bitcoin (BTC) has been trading in a very narrow range as investors eagerly await a potential breakout. The prevailing consensus in the crypto market indicates that Bitcoin is ready to make significant gains in the future. As a result, there has been a notable increase in global interest in acquiring Bitcoin.
Bitcoin Searches Are Popular in Which Countries?
Data obtained especially on August 26th from Google Trends reveals a significant increase in global interest, as demonstrated by the search term “buy Bitcoin,” which saw a 74 popularity score indicating a 42% annual growth rate. During this period, the search term reached its highest popularity score of 100 in the last week of 2022.
When examining regional trends, Nigeria emerges as the leader with a popularity score of 100, followed by Cameroon with 33 points, and St. Helena in third place with 23 points. Ghana ranks fourth with 19 points, while the United States ranks fifth with 7 points.
Will Bitcoin Rise?
Interest in Bitcoin has increased following the cryptocurrency’s failure to sustain a rally above the $30,000 level. The recent drop to around $25,000 has created an attractive buying opportunity for Bitcoin. Speculation about a potential rally driven by upcoming events in the crypto space has been noteworthy, with the 2024 Bitcoin halving seen as a significant catalyst. Additionally, attention has turned to the United States Securities and Exchange Commission (SEC) as the possibility of approving the first Bitcoin exchange-traded fund (ETF) has emerged.
This approval is expected to attract institutional investors. The anticipation of a potential rally is also evident in fundamental Bitcoin metrics on-chain. According to a report, only 5.8% of the total Bitcoin supply is currently held on exchanges, indicating a historically low level not seen since December 2017.
This metric aligns with Bitcoin’s evolving role as a potential store of value and encourages individuals to transfer their holdings to private wallets. This strategic shift reduces the availability of Bitcoin for exchange-based trading.
Simultaneously, market observers suggest that both Bitcoin and the broader crypto market are in a consolidation phase, preparing for a potential resumption of their upward trajectories in the near future. A sustained breakout on either side of this range could determine the market’s direction in the coming months.
It is worth noting that this increased interest comes on the heels of recent challenges in the crypto sector, including low liquidity and weak trading volumes, which have caused price fluctuations both positively and negatively. This trend was particularly evident in August. Concurrently, Bitcoin faced regulatory issues that affected major players in the industry, such as the largest crypto exchange, Binance.
At the time of writing, Bitcoin was trading at $26,006, experiencing a 0.25% correction in the past 24 hours. Throughout the past week, Bitcoin’s performance has been characterized by consolidation, with a minor decrease of approximately 0.3% on the weekly chart.
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