Google Trends: Don't be fooled, interest in Bitcoin is still low

Google Trends: Don't be fooled, interest in Bitcoin is still low

By xlubecx | free life | 6 Apr 2019


The sudden increase in Bitcoin value caused this week's sharp increase in interest in finding information about the most famous cryptocenter through Google.

Google provides a Google Trends analytics tool that shows keyword search progress on a timeline. The word "Bitcoin" after Tuesday's growth of more than 20% has risen up to three times in the last seven days of search.

According to Google Trends, interest in Bitcoin has increased from 33 to 100 (100 is the maximum), but then dropped rapidly to between 50 and 75 points.

According to available data, Google has the greatest interest in Bitcoin in Nigeria, South Africa, the Netherlands, Austria and Switzerland. Among the leading countries was also Ghana, St. Helena and Slovenia, but for example the United States and Canada did not appear in the top ten.

In the long run, it is very low
In the long term, however, the word Bitcoin is far removed from its maximum. On a scale of 0 to 100, Bitcoin reached the maximum in December 2017 (100 points) according to Google Trends. It is currently 7 points, which is at least 29 April 2017, the time when the last bullrun has not yet started. At 7 points Bitcoin has been around since the beginning of February this year. The longer-term chart thus clearly confirms that at least from the point of view of increasing people's interest in Bitcoin, we are still far from the Bullrun. However, when this graph starts to "twist" up, it may be a really good signal.

Price and interest correlate
Conclusions The study suggests that there is a direct relationship between the movement of the Bitcoin price and the interest of people to seek news about cryptocurrencies . According to the marketing agency SEMrush, the Bitcoin price in 2017 was 91% correlated with the search for cryptocurrencies on Google. The study found that when Bitcoin's price went up, people began to search for it to learn what was happening. The mainstream media took advantage of this and began to inform Bitcoine more and more intensively, which could significantly contribute to its growth in 2017 in excess of $ 20,000. Once a new bullrun comes, one can expect the same. The media will start to inform about the cryptocurrencies on the cover pages, which probably creates another shopping fever.

 

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xlubecx
xlubecx

i am cryptocurrency trader


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