The price of Bitcoin (BTC) is very close to $ 20,000, an all-time high that we all want to see repeated. However, the question is: Will it be different from 2017? Let’s see what Google Trend tells us about Bitcoin.
Global Bitcoin Search Looks Higher Than 2017
On Thursday Brad Michelson, senior marketing manager at eToro, reported that global volume per month of Bitcoin searches in 2017 was actually lower than November 2020.
Michelson’s note is especially interesting given that if we look exclusively at Bitcoin search data on Google Trends, we would notice less interest in crypto.
Therefore, what Michelson argues implies that when you drill down into search engine volume using a large number of marketing tools, the result is different.
Is BTC more attractive than ever?
The price of BTC has had an extraordinary behavior this year, especially driven by the global economic context that has increased institutional demand.
However, when looking at the historical graph of Google Trends, we will notice that, during its bull run in 2017, Bitcoin also took off on the Google Trends indicator which, theoretically, reflects interest.
And, just as the price peaked and plummeted, so did the Google Trends search indicator.
Looking at this we might expect something similar to happen in this bull run that Bitcoin is experiencing. However, the answer is that this has not happened. Why? Well, we must review other indicators.
First off, #bitcoin related terms are currently bringing in 9.8M ~ in monthly volume. That’s over 400K different search keywords, terms, phrases, and questions.
Some of the top are things like “bitcoin price”, “what is bitcoin”, “bitcoin news” and just “bitcoin” by itself.
/ 2 pic.twitter.com/aTmhkJstEz
– Brad Michelson (@BradMichelson) November 19, 2020
This is exactly what Brad Michelson did, based on SEO SEMrush data, he found that global monthly search volumes related to Bitcoin in November 2020 amounted to 8.9 million. This is 356% more than the BTC search volumes recorded in December 2017, which amounted to 2.5 million.
So what information is not the Google Trends indicator telling us about Bitcoin?
Michelson explained that Google Trends only takes into consideration the results of one keyword, in this case Bitcoin. Therefore, it excludes results that contain related keywords.
“When you search for Bitcoin on Google Trends, you are only seeing results for that keyword. That information excludes all other related keywords and search terms associated with Bitcoin. That’s why the Semrush data is so much higher, ”explained Michelson on Twitter.
Thus we have two pieces of information that contrast, however, the increase in interest, especially institutional, is evident.
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