- Google searches for Bitcoin has dropped since beginning of this year.
- Bitcoin search volume and its exchange rate are strongly correlated.
Google: The price of Bitcoin that saw a huge surge last year, and the sometimes stomach-churning corrections, drew an increasing interest toward the digital currency. Bitcoin suddenly became one of the most trending topics on search engines such as Google, as investors made attempts to keep up with the frequent unsteady up and down movement associated with Bitcoin price. A report showed that bitcoin, bitcoin price, bitcoin value, bitcoin to USD and bitcoin mining as the top 5 bitcoin-related keywords by search volume.
Further, in another report, SEMrush stated that there seems to be a strong correlation (r=91%) between bitcoin search volume and its exchange rate. However, it seems people are no longer interested in Bitcoin anymore today, since it’s hyper rise in price – surging to nearly $20,000 – hit and abrupt end late last year – to as low as about $10,500 per coin presently.
Nobody seems to be interested in searching for Bitcoin or Bitcoin related keywords anymore as Google search trend for the search term “bitcoin” drops to lowest level since last year October. Lots of people seem to be excited about Initial Coin Offerings (ICOs), and Blockchain technology which keep the world of cryptocurrencies in news.
Since Bitcoin – the largest cryptocurrency – fell in value about 40 percent from its all-time high price last year December, Google search data revealed that Bitcoin search trend has dropped by more than 80 percent. The data showed that the value of Bitcoin was $5,000 per coin the last time so few people were interested in searching.
Just like SEMrush concluded, the fall in Bitcoin search interest corresponded with its trading volume, which has failed to recover alongside Bitcoin price in February. There is likelihood that as Bitcoin increases in price, Bitcoin search interest might later increase as well.
What do you think about the declines in Google search trend for Bitcoin? Tell us in the comment box.
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