Bitcoin, BTC Price Search Volume Climbs to the Highest Level in Over a Year on Google Trends
Till date in 2019, Bitcoin has surged 113 percent and interest in the leading cryptocurrency is climbing upwards yet again after going to its highest level in December 2017 when BTC was trading at $20,000.
According to Google Trends, in late October, the interest in BTC hit a low only to gain an uptick in late November. In 2019 it has been declining continuously. However, in April, when Bitcoin price went from $4,100 to $5,500, the google trends also registered a spike. This price surge also led Bitcoin topping at Baidu, China’s Google.
Now as Bitcoin price goes from about $5,000 to $8,000, just like the price the interest has taken a bigger swing as well.
Source: Google Trends
From all over the globe, the countries leading are South Africa, Nigeria, Netherlands, Ghana, Austria, Slovenia, Singapore, Australia, St. Helena, Switzerland, Canada, United Arab Emirates (UAE), the USA, Ireland, Germany, Venezuela, New Zealand, Malaysia, Pakistan and United Kingdom, in this order only.
The index-like approach of Google Trends shows the search interest but without any exact figures. The interest in a term is shown in the 0-100 range. Currently, the interest in the world's top cryptocurrency has moved to 31 from the low of 11 in February and is further expected to grow.
This type of data shows that there is a correlation between Bitcoin price and interest in the flagship cryptocurrency. However, instead of price following the interest, it’s the opposite.
As the price of Bitcoin moves up, people start searching more to know and learn about it. What’s worth noting here is that as the price starts shooting up, mainstream media picks up Bitcoin’s rising price and start covering it.
The ongoing price surge is seeing mainstream media outlets calling for the comeback of Bitcoin. On Sunday, May 19th, we also saw Bitcoin appearing on 60 Minutes, one of the oldest and most-watched news magazines.
Source: Google Trends
The uptick started in the first week of May that from 10 May onwards, jumped strongly. A few days later, despite taking a decline in past 5 days as BTC struggles around $8,000 and it remains above the other two popular search terms. Around May 12, when BTC price surpassed $7,000, it started outperforming Kim Kardashian as well.