Concluding month, the value of Bitcoin (BTC) nosedived to effectually the $6,500 mark after having stayed above the $8,000 threshold for a considerable menstruation before that. This downturn showcased Bitcoin's worst market performance over the by 7 months — with the flagship crypto asset's final stoop below the $6,500 mark occurring in May.

Yet, fifty-fifty with this aforementioned reversal in BTC'south fortunes, data available on Google Trends suggests that global interest in the premier cryptocurrency seems to increment every time the asset witnesses sudden price movements — positive or negative. Too, it bears mentioning that final calendar month, the term "Bitcoin" reached its highest search ranking since October. 26, a time when the coin was trading above the $9,200 mark.

Lastly, another interesting point worth highlighting is that the bulk of the interest beingness directed toward Bitcoin seems to be coming in from developing African nations such as Nigeria, S Africa and Ghana as well every bit smaller European countries similar Republic of austria and Switzerland.

Correlation betwixt BTC Google Trends data and its price

According to data available online, a vast majority of Bitcoin-related Google search interest this year has come during periods when the cryptocurrency was either surging or rapidly losing its value.

For example, between June nineteen and June 29 — a period when BTC's price rose quite sharply from around $nine,000 to only over $12,900 — global interest in the currency reached a 12-month apex. Similarly, another complementary spike was observed during the 2d week of May, a time when Bitcoin's price rose from $5,500 to merely over $8,000.

Interest in Bitcoin once again surged between July 14 and 20, a period during which BTC lost over 10% of its value. The exact same trend was then witnessed three times more, once during the third calendar week of September, when the price of Bitcoin slid from only over $10,000 to effectually $eight,000.

The second time was betwixt Oct. twenty and 24, a period during which BTCs value brutal past nine%. The last drop was observed between Nov. 22 and 25, when BTCs price dropped by a little over $ane,000 within a matter of 36 hours.

To elaborate further on the thing, Cointelegraph reached out to Jeroen Van Lange, founder and analyst for YouTube aqueduct The Blockchain Today. He concurred that Bitcoin's increased volatility seems to be resulting in higher search volumes on Google. On the field of study, Van Lange highlighted:

"On the 24th and 25th of September Bitcoin dipped from 10080 to 8126. On those exact dates we are seeing a fasten in volume on Google trends. The same counts for 25th and 26th of October, huge volatility increases search book."

He then proceeded to add that Tether's market cap can also be used as an excellent indicator as to whether whatever new coin is entering the crypto infinite or non — which, equally per the nautical chart below, suggests that there hasn't been besides much new money flowing into the marketplace over the past few months.

Still, Alexey Ermakov, the CEO of Aximetria — a crypto-centric mobile banking platform — is of the opinion that conjuring upwardly correlations between the price of BTC and its related inquiries on the internet is a futile endeavour.

In his view, such associations can be invented at whatever time by whatsoever individual or entity that wants to create a pro-Bitcoin sentiment in the marketplace, and are basically a means of spreading misinformation on the internet. On the subject, Ermakov told Cointelegraph:

"All of this seems inappropriate. You need to look at more functional ways, similar hash charge per unit and mining. Everything else are signals that either push up or down."

Lastly, it is projected that in the adjacent few months, Bitcoin volition continue to garner more than and more than mainstream traction, as the currency'southward upcoming halving is set to take identify sometime later on the 2d week of May 2022. Around this time, many analysts predict that the crypto marketplace every bit a whole will witness a new parabolic bullish phase.

Related: Bitcoin Halving, Explained

Developing countries are onto Bitcoin

As mentioned previously, Google Trends data suggests that a lot of interest related to Bitcoin appears to exist coming from developing nations such every bit Nigeria, Ghana, South Africa, Venezuela, Slovenia and Brazil.

Non only that, information technology also appears as though the aforementioned countries are aggressively exploring the overall potential of distributed ledger technology, or DLT, so equally to boost their economies' growth. In this regard, Jeroen points out that what Nigeria, Southward Africa and Republic of ghana all have in mutual is that their local currencies are failing in relation to the United States dollar. He also highlighted:

"Bitcoin has a tremendous important employ instance in those countries where we come across the local currency failing."

Additionally, it is a well-known fact that many African nations are currently struggling with inflation-related issues that take led to an increase in the utilise of crypto across the region. In this regard, a recent report has shown that Due south African cyberspace users own the highest amount of digital assets (with a ratio of 10.7%) among all of the superlative crypto adopters in the earth. Similarly, on November. 26, the governor of the Bank of Ghana announced that the W-African nation is currently in the process of developing its very ain digital currency.

In a similar vein, Gregory Klumov, CEO at euro-backed stablecoin company Stasis, told Cointelegraph that a number of African countries (particularly ex-French colonies) are currently making apply of the euro as their 2d official currency.

Every bit a result of this, in that location is a strong euro-based crypto remittance marketplace that is much cheaper for the average person to access — especially with the appearance of many new decentralized applications that tin can be deployed using a smartphone.

Lastly, developing nations stand up to proceeds a whole host of advantages by adopting cryptocurrencies as well every bit DLT-enabled technologies, since they assistance in eliminating various bug related to corruption, red-tapism and centralization by introducing an unparalleled level of transparency.

For example, in Due east Africa, a number of local entrepreneurs take started to brand use of novel payment platforms such every bit BitPesa that allow individuals to make cross-border transactions in a highly streamlined and cost-effective fashion. Similarly, cryptocurrency employ in countries like South Africa, Nigeria, Republic of zimbabwe and Venezuela has increased quite significantly over the last year or and then, as these assets nowadays the masses with an opportunity to democratize the way in which their governments handle their money.

Will Bitcoin's upcoming halving have an touch on?

Historically speaking, every time a Bitcoin halving has taken place in the past, the event has been followed past the beginning of a parabolic growth phase for the asset. All the same, the mid- to long-term tendency for BTC appears to be different this fourth dimension around.

This is because the crypto market has witnessed a steady growth in the adoption of Bitcoin over the last couple of years. Thus, if this trend continues as expected, so the consequence — which volition halve the existing BTC native block reward to 6.25 — volition serve every bit a catalyst for increased cost action.

It can be seen that during Bitcoin'south most recent halving cycle — which took place on July 9, 2022 — the currency's value increased about tenfold, with the price of a single coin rise from $268 to just over the $2,500 mark over the following 12 months. Subsequently the outcome, Bitcoin's native block reward quotient dropped from 25 BTC to 12.five BTC.

Providing his insights on the thing, Ermakov believes that the halving outcome, combined with the 2022 U.S. presidential election, will quite likely result in the value of BTC surging in the coming future. He also sees the currency's adoption charge per unit continuing to increase, as Bitcoin is considered by a lot of investors as beingness an ideal way of escaping the incoming political uncertainty that is bound to engulf the global finance sector equally the election finally draws almost. Ermakov farther commented:

"The ongoing trade state of war between Red china and the United states of america, a possible economical crunch, the launch of a Chinese stablecoin volition increase the popularity of Bitcoin, and probably increase its value."

Lastly, when looking at Bitcoin'south previous halving cycles, information technology becomes clear that such an event will nearly probable push the price of the cryptocurrency in an up management likewise as draw more than people into this burgeoning space.