'Buy the dip', the legendary motto of seasoned traders, has never been so relevant for the crypto sector than in the past week. Google Trends can vouch for it.
Buy gold? Buy Bitcoin (BTC)!
Crypto trader and analyst @filbfilb noticed that the search term 'Buy Bitcoin' has been more popular on the Google search engine for users worldwide than the term 'Buy Gold'. Interest in buying the orange coin skyrocketed by more than 200% as recent carnage raged.
Moreover, the actual statistics show that on March 13 the Interest Over Time indicator on Google Trends for 'Buy Bitcoin' was as high as 100. In terms of this service, that means it reached an all-time high.
Normally, the search request 'Buy Bitcoin' is half as popular as 'Buy Gold'. Last time the flagship blockchain outperformed gold, in terms of searches, occurred during the euphoria of the December 2017 Bitcoin (BTC) price rally.
Splendid opportunities during bloody days
The crypto market crash, which is nowhere near its final rounds, has already made some no-coiners consider their first digital asset purchase. Legendary whistleblower Edward Snowden is among the potential Bitcoin (BTC) newbies.
This narrative might spread even further as the classic 'store-of-value' asset failed to reject the pressure of the recession caused by COVID19 panic. As reported by U.Today, trading veteran Peter Brandt believes it's not possible for any asset to be a 'safe haven' during the coronavirus pandemic. Thus, the currently oversold Bitcoin (BTC) may attract sceptical investors due to its price, which is tremendously low these days.
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