The entire cryptocurrency industry is buzzing now that Bitcoin may have bottomed and a number of altcoins have started to break through downtrend resistance and cause a spike in price. The sudden, powerful rallies in the altcoin market have led many crypto traders and analysts alike to suggest an “alt season” is upon us.
The price charts of many individual smaller cap altcoins clearly depicts a change in sentiment and buying momentum amongst bulls. However, one simple chart shows that there has never been more interest in the alt market, proving that an “alt season” is already well underway.
Altcoin Season Is Here, According to Google Trends
Look at any number of altcoin price charts and there’s no doubt you’ll find a sudden rally following months of decline. It’s led to even experienced traders calling for an “alt season.” While almost each day a new coin is painting double-digit, and even triple-digit gains, the best proof that an alt season is upon us is by reviewing data on Google Trends.
The above chart clearly demonstrates a spike in interest in the altcoin market. In fact, there’s more interest now than there has been in over a year.
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It’s worth noting that the topic “altcoins” was used in the data, not “altcoins” the individual search term. Google describes topics as a collection of related search terms that are aggregated to give a more accurate overall snapshot of what people are searching for.
“In addition to helping with ambiguous search terms like “rice,” the new feature also automates counting many different searches that probably mean the same thing. So, when you measure interest in “Gwyneth Paltrow (Actress)” our algorithms count many other searches that mean the same thing “Gweneth Paltrow,” “Gwen Paltro,” etc. As our systems improve, we may even count searches like “Lead actress in Iron Man.” This can be particularly useful for topics that are commonly searched with misspellings and in different languages,” Google explains.
This means that not only is Google taking the exact search term “altcoins” into consideration when aggregating the total interest in a topic, it’s also taking related search terms such as “Litecoin,” “XRP,” and “Ravencoin,” into account in aggregate.
Current Interest in Altcoins Nearly Double That of the Peak of the Last Bull Run
Regardless of how Google pulls the data, Google Trends very clearly shows that interest in the altcoin market is the highest it’s been in a year. But when zooming out, the recent spike in interest is the highest level of interest ever witnessed in the alt market ever.
Not even the peak of the last bull run resulted in a similar level of interest in alts such as Litecoin or EOS. During that time, Ethereum had reached an all-time high of over $1,400, while other top cryptos such as XRP and Stellar reached $3.40 and $0.87 respectively.
Related Reading | Crypto Market Cap at Critical Resistance, Is Altcoin Season Around The Corner?
Most altcoins are currently down 90% of more from their all-time high prices in USD, and even their ratio relative to BTC. At such low prices, altcoins are proving to be too attractive for investors to pass up.