Google searches for the query “buy crypto” have skyrocketed, with interest peaking at the world's leading online search engine.
According to the company, the searches are already eclipsing the previous bonanza registered back in 2018 when Bitcoin was hesitantly going up and sliding back down.
This time though, Google Trends has indicated that the search has hit a perfect 100 score, which is the highest on the platform and indicates increased search volume as well as follow through from consumers.
Naturally, Bitcoin searches have also spiked at the same time, with consumers looking to either buy or study the cryptocurrency.
The Tie's Treyce Dahlem spoke with Cointelegraph and shed light on the trend. “Whether this is due to the recent price rallies that we've seen, speculative traders from Reddit looking to leave their mark on more assets, or even a macro shift in the way investors are searching for a hedge against inflation, one thing is clear”, he said: “There is a rapidly growing interest in crypto and new investors are looking for the best way to get into the ecosystem.”
As Dahlem noted, Reddit's recent flurry of activity taking on hedge funds was another driver of the recent success of cryptocurrencies.
WallStreetBets, a sub-Reddit forum led the way in sabotaging an attempt to short-sell GameStop's stock, which has cost hedge funds billions already.
Meanwhile, the market for crypto has been growing significantly. Bitcoin has hit $42,000 in net pricing, and has slid back to $30,000 as a more constant number.
Interest in cryptocurrencies has remained strong though, and people have been trying to buy and invest in Doge and Ethereum, despite the high-risk profile of the first, and the fairly popular scalability issue of the latter.