A little over a year ago, the whole world was talking about Bitcoin. The Internet was obsessed with Cryptocurrencies in general and Google searches for Bitcoin were through the roof. Today, the market is looking very different from one year ago and Google searches were dropping ever since. Google Trends explorer reveals that the keyword “Bitcoin” has dropped by more than 90% throughout 2018. But at the end of November, the searches increased to the search levels recorded back in April.
On the first chart, you can see the drastic drop in searches since the end of 2017. By that point, everyone knew about Bitcoin, so normally the searches dropped. But BTC searches from Nov. 25th to Nov. 28th alone made up 15% of its all-time-high weekly search volume from Dec. 17th to December 23rd last year. During that period, BTC was trading near its record high of $20 000 and at press time it’s valued at $3.880.
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Bitcoin Google searches were dropping
Additonal data provided by Google Trends, reveals that the United States isn’t very keen on researching the digital currency at the moment. The United States are ranked 19th when it comes to searching for BTC and the top 3 are respectfully Nigeria, South Africa and Austria. Bitcoin has been the most heavily searched for in Africa lately.
The sudden rise in searches isn’t that surprising. While last year, searching was mostly due to the incredible market gains, this year it’s mostly related to the current bear market. Cryptocurrencies made headlines all over the world with prices falling to record lows in the past few weeks. On November 24th, Bitcoin fell below $4000 and the data reveals searches more than doubled right after the initial announcements.
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A lot of people have also speculated that the price of Bitcoin and Google search trends are highly correlated. If true, this suggests the uptick is a clear sign of a future BTC price increase. This is mostly speculation though, because the situation is far more complex.
A study however, which was publish last year in 2017 by Willy Woo, argues that Google trends can actually be used to detect speculative bubbles. If this is proven correct, people can use Google’s software to predict when to sell and buy cryptocurrencies and maybe even other assets.
After all, people’s hype is a leading factor in driving the prices up. If we look at history, when Bitcoin searching was increasing, it was actually a great financial opportunity. On the other hand high amounts of Bitcoin searches were a warning sign that a bubble is present and there will be a huge price decline in the near future.
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