The Correlation Between Google Search Trends And Bitcoin Price Explained

The Stats from Google Trends reveal that internet searches for Bitcoin prices can prove to help forecast major market movements to the upside.

According to the reports of Semrush, a search engine marketing agency, 91% correlation is found to be between the prices in Bitcoin and the volume of Bitcoin-related Google searches. This indicates that Bitcoin price was affected by the number of Bitcoin-related searches, falling and rising in relation to it.

Despite the Semrush report showing that the search volume increased as the Bitcoin price grew, it didn’t reveal if the searches forecasted the exchange rate between Bitcoin and the dollar. Between the period of five months between April and September, Bitcoin searches rose by 450%. 51.4 million is the total estimation of the volume of Bitcoin-related search keywords in one year.

What Is The Correlation Between Bitcoin Price And Searches?

The assumption that searches increase as the price of Bitcoin increases is quite popular. The interest of people rises with the growth of the price. This, however, is not completely true, according to the data the Bitcoin boom was followed by an increase in Bitcoin-related search interest. Again, it is important to note that it doesn’t translate to the fact that it will affect the pricing.

The correlation between Bitcoin-related searches and price was 79% in the U.S., and 82% globally, according to Semrush. Searches for Bitcoin were 42 times more than the euro and seven times more than the dollar, in 2021. Although there are many app platforms and app sites that offer exchange rates for dollars and euros, users will have to search online since Bitcoin is relatively new. In the U.S, the interest gap is much bigger due to the fact that it is less likely that people will search about their own cryptocurrency. Bitcoin searches are 70 times more popular than euros and 57 times more popular than searches for dollars in the U.S.

Several prediction sites believe that the trend of the increased interest because of the Bitcoin boom will continue to 2022. The top websites related to Bitcoin even reported a hike in site visits, CoinMarketCap, Binance, and Coinbase are among the sites to receive the highest visits. For example, CoinMarketCap shared that it received 60 million average monthly visits between 2017 and 2021. The number reached 194 million in 2021.

Here’s Why Google Searches For Bitcoin-Related Terms Are Likely To Grow

Meanwhile, at the peak of Bitcoin in 2017, the “Bitcoin” keyword made it to100 in Google trends.

Between January and May 2021, the search term was recorded to be 70, interestingly it correlates to ATH of the flagship currency of $64,000. The popularity of the team by search interest within a particular region over five years. However, the bitcoin price keyword has a Google Trends value of 16, meaning that the bitcoin price searches possess immense growth potential. In simple words, it could mean that as the uptrend resumes, the Bitcoin searches on Google will probably increase too.

As more people witness the price hike and fear of missing out increases among them, the searches increase. This indicates that the interest in Bitcoin was lower when trading below $20,000 as compared to when it was trading above $50,000.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing