As trading cryptocurrencies and purchasing Bitcoin becomes more and more popular, it is unsurprising that the ecommerce giant Amazon have recorded a huge increase in the number of sales their platform is seeing regarding books about trading and cryptocurrencies. As reported by the online marketplace, this category of books made it into their hit list for 2020.
This correlates with an increase in activity in the crypto markets as well as an increase in Bitcoin price. Retail investors are appearing to be involved and excited with the movement. While these participants may not have the professional or technological backing of other business institutions, private and personal participation is a substantially large portion of the market. Any additional contribution or involvement in the crypto space is likely to have a positive effect on its growth and community.
In a similar way, online search results are also seeing a spike regarding phrases and questions specifically aimed at crypto. One example is ‘buy Bitcoin’, which reached a peak in the number of online searches across numerous search engines. At this point, the Bitcoin (BTC) was at $14,000. Many suspect that this correlated with the decision from retail consumers to ‘cash-out’ and sell their asset. On the whole, online search engines are seeing a constant increase in keyword ‘Bitcoin.’
These types of behavioural patterns are worth noting. Google for example, is typically a reliable point for measuring public interest and expectations. Though these types of platforms can never suggest a price prediction moving forward, they can indicate a peak in interest and knowledge from retail users generally.