Demand On The Rise? ‘Buy Bitcoin’ Surges On Google Trends Ahead Of The Halving

Days before the third-ever Bitcoin halving, the interest towards the primary cryptocurrency has surged, according to Google trends. The phrase “buy Bitcoin” is getting very close to the previous two-year high levels of June 2019’s bull-run and the March 12 dump of this year.

Buy Bitcoin Search Volume Increases
Significant attention is heading Bitcoin’s way, as can be seen on Google trends. “Buy Bitcoin” searches have increased to the highest point since April 2018.

Arguably the most anticipated event in the cryptocurrency industry this year will take place in a little over a week. The Bitcoin halving occurs roughly once every four years, and it slashes in half the rewards miners receive for adding new blocks to the network. Meaning, it reduces the supply of freshly minted bitcoins.

Historically, the price of the asset has surged following the previous two halvings. Therefore, speculations of upcoming price increases are high at the moment, which could be propelling the growing interest.

The graph above also illustrates the previous occasions when “buy Bitcoin” interest was at similar levels since 2018. Firstly, it happened in June 2019. Somewhat unsurprisingly, this was the month when the primary cryptocurrency reached its yearly high of nearly $14,000.

However, it also implies that the most substantial parts of the general masses are yet to arrive at the scene, leaving lots of room for growth.

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Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

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Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ

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