Is the price of bitcoin correlated with google searches?
Recent history would say, yes!
Google searches for bitcoin skyrocketed back in late 2017 when bitcoin was making new high after new high.
However, it is unclear whether google searches are a leading or lagging indicator, but they did peak shortly before the price of bitcoin peaked as well.
Ever since that peak in late 2017 though, google searches for bitcoin have mostly continued to decline.
A trend change?
After google searches for bitcoin have mostly gone sideways for months, we have seen the first major spike in google searches we have seen in some time:
(Source: https://www.ccn.com/trending-google-searches-for-bitcoin-surges-to-8-month-high/)
In fact, this is the largest number of google searches for bitcoin since March of 2018.
According to google searches, bitcoin is the most popular it has been at any point in the last 8 months!
A 20% surge in price over the last few days will tend to do that!
What does this mean?
This most likely is mostly related to the 20% price increase of bitcoin as people tend to check the prices much more often when prices are going up as opposed to when they are going down or moving sideways.
That being said, the last time we saw huge increases in google search numbers, was also right around the time that bitcoin went on a major run.
There is no guarantee that this will be the same this time around as well, but it is interesting never the less.
Stay informed my friends.
Image Source:
https://cryptocurrencynews.com/bitcoin-btc-google-searches-down-75
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The run of the bitcoin is really interesting. Last year this time it was totally different scenario. I feel it will bounce back soon.
I think it won't be till spring of 2019, but I welcome it to happen sooner of course :)
I think they are all searching for the BTC floor 🧐
Did they find it?
Let’s hope so 👍
I think we are close either way.
let's get some of that love for STEEM ... where the real value is (-:
Steem has a pretty similar looking chart on google trends as well :)
https://trends.google.com/trends/explore?q=steem&geo=US
I really hope this doesn't end up being a major indicator for it's comeback...I mean, sure, it makes sense...but...ehh... It's like we have all this shit happening all the time...people will soon be able to buy their coffee with crypto...and what proves to be a sign of the return? Google searches.
Good point. My guess it is mostly just a flash in the pan unless bitcoin continues to run for a bit here.
It might actually be a good indicator. It shows that people are interested again in Bitcoin. They're like "Heh, maybe I can buy bitcoin at a pretty low low." There should be some other indicators of increased interest...but I dunno what they are.
So many news about "Bitcoin going to zero" no wonder how people started googling about it again... Great stuff!
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That may have been part of it, sure. Though I think the 20% jump in prices was the largest driving force behind the increase in searches. :)
We are riders on the storm......
I would sure like to see another storm show up. Lot of doubters out there though...
It is a possibility as some sortnof FOMO may return as prices rebound but we would need to see a larger bounce for that to happen.
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Agreed. I would like to see a break of $6k to the upside before I get excited again. Any bounce up till then may just be a pause before more selling and lower lows.
May be the trend is all about to change with the mainstream people wanting to get in