Bitcoin surge provides early Christmas present for enthusiasts

Marketing analytics company reports an 80.8 per cent correlation between Bitcoin prices and Google searches

Christmas has come early for Bitcoin, with its price reaching $7,500 (£5,700) on Monday 23 December for the first time since the start of December.

Bitcoin’s surge could be down to the so-called Santa Rally, where the stock market increases during the last week of December, through to the first two trading days in January.

There are, however, more sophisticated explanations. Research by marketing analytics company SEMrush also found an 80.8 per cent correlation between Bitcoin prices and Google searches. There appears to be a pattern of searches for Bitcoin climbing immediately ahead of holidays.

As a result, Bitcoin climbed by 20 per cent during the four days preceding Thanksgiving, while the Fourth of July holiday saw an increase of 14 per cent.

While Bitcoin is still way off its 2019 high of $12,920, which it reached in June, this increase is a serious improvement from the start of 2019, when it traded below $4,000.

At the time of writing Bitcoin is back down around $7,380, but some analysts predict it could rally to $8,000 in early 2020.

Other cryptocurrencies have also experienced pre-Christmas price gains, including Ether, XRP and Bitcoin Cash.

FURTHER READING: US regulator delays decision on world’s first Bitcoin ETF

FURTHER READING: Bitcoin prediction this week: Should I buy it now?

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image