In the fourth and final quarter of 2017, Bitcoin price grew rapidly due to increase public awareness and interest, and so did search queries related to the crypto asset as people attempted to get up to speed on the emerging financial technology. But as the crypto hype bubble popped, interest waned significantly and along with it, Google search queries about the first every cryptocurrency plummeted almost as fast at crypto prices did across the market.
However, in recent weeks, the bullish sentiment has been revived and Bitcoin price has gone parabolic once again. Unfortunately, though, Google search interest has barely moved relative to the rise seen back in 2017. Although there are some additional factors this time around that might be preventing Google search from trending up much further from here.
Google Search for #1 Crypto Barely Moves With Recent Price Action
Bitcoin has reached nearly 50% of its previous all-time high price of $20,000 set back in December 2017, however, Google searches for the keyword have yet to make up any lost ground.
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In fact, according to one crypto asset analyst, for Bitcoin is only at 10% of its all-time high, meanwhile, price is sitting somewhere closer to roughly 45%.
While Bitcoin's price is at 45% of its all time high, the relative Google search interest for "Bitcoin" is only at 10% of its all time high. — Yassine Elmandjra (@yassineARK)
A few months back, search queries for altcoins on Google Trends began spiking upward, which many assumed to be a signal that an “alt season” was upon us. But instead, altcoins fell to new lows relative to their BTC trading pairs.
Increased Bitcoin Awareness Means Less Curiosity and Search Interest
The reason for the lack of gains in Bitcoin related search terms following such a powerful bullish rally isn’t necessarily a bad thing for the cryptocurrency created by Satoshi Nakamoto.
It could indicate that Bitcoin has a lot further to go before peak hype returns, and alternatively, the fact that Bitcoin has become such a commonplace, household term – even being added to the Scrabble official word list, and being an answer on the hit television show Jeopardy – could simply mean that far more people know what the asset is and don’t have to search for it anymore to find out what others are talking about.
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Since Bitcoin’s meteoric rise in 2017 that captured the public eye, the cryptocurrency has made substantial fundamental progress and taken huge strides towards real world adoption. Bitcoin is now associated with brands like AT&T, Starbucks, Square, and even something as simple, common, and likely overlooked as being added to Coinstar machines in grocery stores has significant impact on the cryptocurrency’s awareness. The lack of a spike in Google searches is probably the best sign yet that Bitcoin is here to stay.
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