Investors’ interest in cryptocurrencies this summer rose to the highest levels since January 2018. Arcane Research, after studying Google Trends data, said as much.
The number of searches for the phrase «buy crypto» (buy cryptocurrency) has surged in recent months. Analysts say the growth in interest could signal the arrival of new investors to the market.
New investors entering the market?🤠
📈The search interest for «buy crypto» is growing rapidly and has spiked this summer📈
We’re now at the highest level since January 2018, according to data from @GoogleTrends. pic.twitter.com/ReHqNZ73he
— Arcane Research (@ArcaneResearch) August 19, 2020
The search interest for «buy bitcoin» increased rapidly ahead of the May halving, but has not seen the same growth over the past month as «buy crypto».
The search interest for «buy bitcoin» increased rapidly before the halving this year, but has not seen the same growth over the past month as «buy crypto». pic.twitter.com/Eg46cDwryI
— Arcane Research (@ArcaneResearch) August 19, 2020
The search interest for «buy altcoins» surged sharply by August. In a short period of time this indicator reached a record high dating back to the start of 2018. Analysts say this could signal the start of the altcoin season.
The search interest for «buy altcoins» is perhaps even more interesting, as it has skyrocketed this month.
Altseason?🤠 pic.twitter.com/c6qMnDxkoU
— Arcane Research (@ArcaneResearch) August 19, 2020
On the backdrop of heightened interest in altcoins, the Bitcoin dominance index, according to CoinGecko, fell below 58%. A year ago this metric stood at 69%.
Last week, Arcane Research noted a rise in the trading volumes of several altcoins, while Bitcoin’s indicator showed a decline.
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