The cryptocurrency market is on fire again, after spending several years locked in a cold and painful crypto winter. Bears came out of hibernation and swatted down valuations, and with it, interest plummeted.
But with a new dawn here, search interest in the asset class is suddenly springing up once again according to Google Trends metrics.How Google Trends Can Inform Investor Decision Making
Google Trends provides a visual measurement of specific terms or queries over a specific time range. It allows data analysts, publishers, investors, and more to inform decision making based on how certain terms are trending.
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In 2017, back when very few had ever heard of Bitcoin or crypto, the sudden wealth generated by the mysterious asset class piqued widespread retail curiosity. As valuations climbed, curiosity turned into full-blown FOMO.
Total Crypto Market Cap Versus Google Trends Search Queries For "Crypto" | Source: &
Crypto Climbs To Highest Level Since Bubble In Key Search Metric
An updated measurement of the search term “crypto” on Google Trends shows the first new higher high set since 2019. It is also the highest point in terms of search volume since the bubble burst in 2018. In the comparison chart above, the total cryptocurrency market cap matches along well with the Google Trends chart. A large peak is visible upfront before the bubble burst. Searches for the term were next to nonexistent prior to the bubble. They were also mostly abysmal following the bubble bursting, until now.Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend
But why the sudden change? The crypto market is finally done with its bear trend and is breaking up and through resistance levels proven previously unbreakable for a year or more.
It has allowed valuations to climb across the total crypto market cap by over 80% and then some. Bitcoin is once again the talk of the finance world alongside gold, and altcoins everywhere are being compared to silver and are soaring just as high.
Money being made and hype returning have people wanting to learn more about crypto once again. If the trend can sustain, it could lead to healthy growth this time around, or perhaps yet another major bubble and blip on the Google Trends chart.