Value-wise, Bitcoin may be in one of its worst historical decline phases. It is no secret that since January, and especially since that black Wednesday, November 14th in which its fortunes started to change for the worse, its price has been going down. However, the leading cryptocurrency by market cap is still making headlines and being the center of attention, according to the planet’s biggest online company.
Yes, Google’s trend explorer does not lie, and it shows that weekly searches containing the keyword “Bitcoin” are reaching levels that it has not seen since the month of April. Unfortunately, the precise number of queries with the most prominent digital asset in them has not been published.
Data from Google reveals that just counting the last three days, people have been entering the keyword 17 percent of the time of the all-time weekly number, achieved at the climax of the BTC price surge between December 17th, 2017, and December 23rd, 2017.
The Days of Glory
In those days, Bitcoin was experiencing a formidable upswing in value that culminated in nearly $20,000 for every BTC in the middle of January. From that point on, the asset started to collapse and it stabilized in the $6,400-$6,500 range for weeks up until November 14’s debacle.
Google’s trend data tools also show the geographical area that logged the most searches with the Bitcoin keyword. According to the online giant, the biggest number of searches came from two African countries, Nigeria and South Africa, while Europe’s Austria was also among the leaders for the past week. If you thought that the United States of America would lead the ranking or be in the top five; you would be surprised to hear that it checked in the number 19 spot.
One conclusion can be made about the piece of news: Bitcoin experiences a high number of searches in the world’s leading search engine when it is trending up in a hurry or collapsing to almost unknown levels. Right now, BTC is in the midst of its worst slump in more than a year. Google data also points out that searches for Bitcoin more than doubled on November 24th, which was the day it fell below the $4,000 threshold.
Is there a Correlation between Google Searches and BTC Price?
Investors and people within the industry speculate that there is a direct correlation between Bitcoin’s price and Google search performance. According to a Willy Woo 2017 study, Google search trends and patterns can be used as factors to determine the best and worst times to acquire BTC, as well as speculative “bubbles,” according to Coindesk.
Another way to say that times that do not produce high searches for the bitcoin keyword can be identified as good buying opportunities, whereas periods of high search volume may mean that the crypto is in a “bubble” and about to be deflated.
At the time of this writing, BTC had gained 5.66 percent of its value in the last 24 hours, trading hands at $4,146.78 according to Coin Market Cap.
By Andres Chavez