Google Trends Reveal “Bitcoin, Not Blockchain” Defined the Crypto Market in 2019
- XRP, Ethereum, DLT, Blockchain – All Dead against Bitcoin
- What about the hot trends of 2019? – Crypto Staking & Crypto Lending
- The buzzwords – Search volume for Bakkt and Bitcoin ETF falling while rising for CBDC
This year, the majority of the Bitcoin-related Google search saw a spike during the periods when the digital asset was either surging in value or falling.
Search volume for Bitcoin surged during the last week of June when BTC price rose sharply from $9,000 to $13,900. Before this, a similar spike was seen in early May when BTC went from $5,500 to just above $8,000.
But it wasn’t only when BTC price went up but also when it was going down. In the mid of July when the price lost over 10% of its value, interest in Bitcoin rose once again. Then in Sept., when it dropped from $10k to about $8k, the market witnessed the same trend. And the same happened in Oct. and Nov. when the price of BTC fell.
Given that both BTC’s rise and fall in price brings forth strong sentiments in the market in the form of fear and greed, it makes sense both will ignite people’s interest.
XRP, Ethereum, DLT, Blockchain – All Dead against Bitcoin
Coming onto the overall crypto market, the search term on Google Trends that defined cryptocurrency in 2019 talks about “Bitcoin, not blockchain” narrative.
When comparing the searches on the largest cryptocurrencies along with cryptocurrency, stablecoin, and blockchain, Bitcoin is a clear winner.
Bitcoin is followed by social media giant Facebook’s crypto project Libra. “Libra” might come in second place but it is affected by non-crypto related searches because even before the official announcement came this summer, the search term was at around 20-level.
In comparison to Bitcoin, all other search terms like XRP, Ethereum, DLT, blockchain, stablecoin, and cryptocurrency are practically dead. These results as Arcane Research says in its weekly newsletter, “undoubtedly show how the public is most interested in bitcoin, and strengthen the popular saying “bitcoin, not blockchain”.”
What About the Hot Trends of 2019?
Taking a look at the hot trends of 2019, we might be seeing them continuing the next year as well.
As we reported, crypto commentators are expecting 2020 to be a big year for staking, especially with Ethereum 2.0 coming.
Crypto lending recorded massive growth in 2019 thanks to the explosion of Decentralized Finance (DeFi). The total collateral locked in Defi applications increased from about $240 million earlier this year to $682 million this month, according to Defi Pulse.
The leading cryptocurrency exchange Binance also launched its own crypto lending products and institutional digital asset lending firm Genesis Capital recorded a continuous surge in demand.
CBDC – Central Bank Digital Currency
Search volume for CBDC – Central Bank Digital Currency started gaining traction in the second half of the year.
The biggest development in this area has been China’s digital yuan that the officials said has been ready after five years of research. This got other countries worked up as well as they talked about considering their central bank-backed digital currency.
No one wants to be left behind as new ECB president Christine Lagarde said earlier this month, “We'd better be ahead of the curve because there is clearly demand out there that we have to respond to.”
As for other buzzwords of 2019, Bakkt for example, the interest for this search term has been lower than 25 on a 0 to 100 range that shot up to its limit around the launch of the platform. Since then it has only fallen, now at about 3.
Search volume for Bitcoin ETF saw bouts of searches throughout the year but has been on a constant decline as well.