Google Trends may be a useful tool for bloggers and webmasters to carry out keyword research in order to know what’s in trend, but it can also work to the advantage of the cryptocurrency community. A quick look at the trends for the keyword ‘Altcoins’ shows an increase in user search queries which is comparable to 2017’s all-time high.
Recent Searches for Altcoins Nearing 2017’s All-time High
Based on the Google trends platform, the recent interest in the term ‘Altcoins’ is nearing its all-time high which occurred in 2017. The term is a combination of cryptocurrencies asides from Bitcoin. As such, terms like Ripple, Binance coin, Ethereum, XRP, Stellar and several others have been merged to obtain the result.
The data which centres on the search pattern of people in the U.S. also shows that regions such as Alaska, District of Columbia, Delaware, West Virginia, and North Dakota have made more queries. The date range was also compared from March 2014 to December 2018, and the previous month recorded a significant number of searches.
An Impressive Result Despite Falling Market Prices
These results are impressive given that they are almost the same with when Bitcoin and other virtual assets hit their all-time high. Bitcoin has been struggling to recover since then while the performance of some altcoins this year is remarkable. It has even been tagged the ‘altcoin season’ in the face of the cryptocurrency winter.
Now this result from the search engine giant confirms that these coins have garnered a lot of user interest. Nonetheless, it can only be used alongside other metrics or technical indicators to make informed decisions. That is because the trend is not a confirmation that it is actually the altcoin season and as such, judgment should not be based solely on it.
Weiss Ratings Predicts 20X Increment in Some Altcoins
Weiss Ratings LLC, a financial rating agency on January 3 predicted that in 2019, some selected altcoins will record a significant increment in price. The platform is also confident that the increment will be as high as 20 times what they are currently valued.
We are now seeing the likes of Binance coin (BNB) which Justin Sun, Tron’s CEO believes is the new Bitcoin, increment significantly. A lot can be attributed to the CEO’s opinion given that the altcoin has also increased tremendously in market capitalization and daily trading volume. Likewise, it is remarkable to note that all this happened while Bitcoin was trading between the $3,000 to $4,000 price level.