The search for ‘altcoins’ on Google is nearing the all-time high as the market continues in its bullish trend.
According to Google Trends data on 4 December, the all-time high for the search term was recorded in 2020, and the search has not even come close again until now.
As with previous trends, this may suggest a rising interest in altcoins — crypto assets other than Bitcoin — as the bull market proceeds.
Retail investors coming in
The rising number of Google searches for ‘altcoins’ usually indicates increasing interest, but it can be more specific. According to crypto influencer and analyst Lark Davis, it suggests that retail investors are ‘flooding in.’
For clarity, retail investors are individual investors who come in to get a quick profit and head out. They usually come in when the bull market has set in, and have no intention of investing in crypto assets for the long term.
Historically, retail investors showing interest in altcoins suggests that Bitcoin may be about to lose them and more money may be flowing into altcoins shortly. This can be seen from Bitcoin’s dominance which has been on a steady decline for the past few days, currently at 53.8%.
Bitcoin dominance is the percentage of the crypto market that Bitcoin accounts for, and can be used as an index to determine the level of interest in the top digital asset.
Alts season may be close
Among all that rising searches for ‘altcoins’ may indicate, the most interesting is the fact that alts season may be around the corner.
As more money flows out of Bitcoin and into altcoins, a general increase in the value of altcoins is the likely result.
Although the market has been following Bitcoin upward for the past few weeks, an alts season is usually much bigger, and it may be time to buckle up for it.
What do you think?
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