- 5th April 2019
- Posted by: emy
- Category: Media
April started with a bang for the crypto markets, generating an air of excitement in the crypto press, and in the mainstream media to some extent as well.
Google’s trend explorer statistics showed that searches for the keyword ‘Bitcoin’ on Tuesday 2nd April more than trebled. Yashu Gola at CCN, wrote, “Early Tuesday morning, the volume of ‘bitcoin’ searches went parabolic, more than tripling over a matter of hours. Crypto interest tapered on Wednesday but remained noticeably higher than earlier in the week.”
Who was searching for ‘Bitcoin’?
The leading geographic locations for the searches were Nigeria, South Africa, the Netherlands, Austria and Switzerland. The pattern echoes what happened towards the end of 2017, when researchers at SEMrush, a search engine marketing firm, found that the bitcoin price at that time had a 91 percent correlation with crypto-related search terms on Google. If you would like to follow keyword ‘Bitcoin” searches on Google – go to this link.
Bulls make a move
The week started with some spectacular gains for the cryptocurrency market. The week may have ended with a slight drop for BTC as it struggled to hold its price just above $5,000. However, let us not forget that it is up 22% over the last seven days, as Cointelegraph reported today, and the leading cryptocurrency has slightly increased, accounting for 51% of the market on 4th April, with a market cap of about $800 billion. Ethereum is up around 15% over the past seven days, and XRP up 9% on the week.
Perhaps the digital currency that raised the most eyebrows was Bitcoin Cash (BCH), which skyrocketed 50% on 3rd April and is up 68% over the week.
Theories about what triggered this sudden turn of events vary. Bloomberg and Reuters assert that it was algorithmic trading (trading bots) following a large BTC order placed across three exchanges. Tone Vay, an expert analyst believes there was no specific trigger, and it can be explained as “normal speculation,” while Forbes suggested it was connected to Brexit and a falling GBP.
It is too early to see with any clarity how the market might behave in the longer term, but for the moment it feels more like spring than winter in the crypto markets, and warmer weather is always welcome.