Editing and additional information by Michael Mislos.
Following the surge in Bitcoin’s value, the Philippines is witnessing a significant increase in online searches about the leading cryptocurrency.
With Bitcoin prices soaring, the country’s curiosity and involvement in digital assets are on the rise, evident through Google Trends data.
In this article, BitPinas delves into the recent trend of search interest surrounding Bitcoin over the past seven days—from February 22-29, coinciding with the cryptocurrency’s surge in value from $50,000 to surpassing $60,000.
Note: Please be advised that this analysis is founded upon publicly available interest data and may not necessarily reflect individual actions or investment decisions.
Bitcoin Price All-Time High in Philippine Pesos
While Bitcoin has yet to surpass its all-time high of $69,044 in USD terms, it has exceeded its previous peak when measured in Philippine Pesos.
On the morning of February 29, 2024, the price of Bitcoin soared beyond ₱3,600,000, a milestone that can be attributed to fluctuations in the peso-dollar exchange rate. Previously at 50 pesos to the dollar, the rate has since adjusted to 56 pesos to the dollar, significantly impacting the local valuation of Bitcoin in the Philippines.
Bitcoin Surge Spurs PH Search Spike
As depicted in the graph, a notable surge occurred on February 29th at 1:00 AM, just prior to Bitcoin briefly peaking at around $63,600 by approximately 1:25 AM.
Since February 22nd, there has been a fluctuation in interest surrounding BTC, aligning with the gradual rise in the cryptocurrency’s value. By February 27th, when BTC surpassed the $50,000-$51,000 threshold, there was a notable surge in search interest.
Over the past seven days, the average search score for Bitcoin hovered around 10. However, by the 27th onwards, it exceeded 20, and at 1 AM on February 29th, it surged to a peak of 100. As of writing, the search score stands at approximately 30.
In the past week, as per the data from Google Trends, Bitcoin has been most searched in Metro Manila, Calabarzon, Central Visayas, Central Luzon, and Davao Region.
Additionally, from January 29 to February 25, there was a clear escalation in the search interest for Bitcoin as it gradually approached $50,000. Notably, on February 14th, the search interest intensified as the cryptocurrency surpassed $51,000, although it subsequently tapered off as the price stabilized within the $50,000-$51,000 range until February 27.
Nonetheless, it can be remembered that the previous BitPinas article revealed that while
Bitcoin price surges Google search interest lags behind its price.
Read: Bitcoin Price Peaks, Yet Google Searches Remain Surprisingly Low
Bitcoin and Crypto Searches
During the same period, a correlation is observed between searches related to Bitcoin and the term “crypto.” The fluctuations appear to be synchronized for both terms.
The parallel fluctuations in search activity between “Bitcoin” and the broader term “crypto” suggest a shared interest and interconnectedness within the digital currency sector. This correlation indicates that changes in Bitcoin’s popularity often coincide with shifts in overall interest in cryptocurrencies, reflecting a collective sentiment or trend in the digital asset market.
Bitcoin Price 2024 Timeline
Prior to the onset of 2024, various firms and entities have offered forecasts for the price of the dominant cryptocurrency. Jan Van Eck, CEO of investment management firm VanEck, anticipates Bitcoin reaching $69,000. Matrixport Research predicts an increase to $63,140 by April and $125,000 by year-end, while Bitget projects a value of approximately $42,000. Moreover, Standard Chartered Bank forecasted a potential Bitcoin surge to over $200,000 by 2025.
By the end of 2023, Bitcoin had exceeded $42,000. In January, it surged to $45,000, reaching over $46,000 at its peak before declining to $38,000 a week before the month’s end. The decline is attributed to factors including the liquidation of holdings by the bankrupt exchange FTX, and the mixed response to the approval of Bitcoin Spot exchange-traded funds (ETF) applications.
Read: Beginner’s Guide: What is Bitcoin Exchange-Traded Funds?
During the initial week of February, Bitcoin’s value remained stable within the range of $40,000-$42,000 until February 7th, when it commenced an upward trajectory, ultimately reaching $50,000.
On Valentine’s Day, it surpassed the $50,000 milestone, and within two weeks, it soared to reach the $60,000 threshold.
However, the upward momentum in Bitcoin’s price may persist, with one significant event still on the horizon for this year—the scheduled halving, slated for April.
Read:
Previous Bitcoin in Google Trends News
Recently, BitPinas unveiled that Solana has surpassed Ethereum in search volume, with an average score of 42 compared to Ethereum’s 21. However, Bitcoin maintains higher search interest than other cryptocurrencies in the Philippines, with an average score of 47. Solana leads in search interest among top cryptocurrencies in the Philippines, with an average of 42.
In 2020, Google Trends data illustrated how the surge in Bitcoin’s value ignited search interest in the cryptocurrency. During that period, there was a peak in U.S. search interest for Bitcoin, while search trends in the Philippines hinted at the possibility of surpassing previous levels.
In June 2019, Google Trends data from the Philippines indicated peak interest in Bitcoin compared to the previous 12 months. The search term “cryptocurrency” also experienced a similar search interest cycle, albeit to a lesser extent than “Bitcoin”.
This article is published on BitPinas: Google Trends: As Bitcoin Price Surges, PH Search Interest Spikes
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
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- Source: https://bitpinas.com/cryptocurrency/bitcoin-php-trends/
