One way of analysing what is happening with Bitcoin is looking at the number of searches for it on Google. This week, Google’s trend explorer revealed that on Tuesday the number of searches for Bitcoin more than trebled.
Yashu Gola at CCN, writes, “Early Tuesday morning, the volume of ‘bitcoin’ searches went parabolic, more than tripling over a matter of hours. Crypto interest tapered on Wednesday but remained noticeably higher than earlier in the week.”
Google can also reveal the geographic location of Bitcoin searches, creating a country league table: searches were most popular in Nigeria, followed by South Africa, Netherlands, Austria, and Switzerland. The USA ranked at 14 and Canada at 11, but this may have been because the spike happened during the night for North America, Gola suggests.
We have seen this behaviour before. At the end of 2017 Bitcoin searches surged on Google, in tandem with the dizzying Bitcoin price rise: “In September 2017, researchers at SEMrush, a search engine marketing firm, found that the bitcoin price at that time had a 91 percent correlation with crypto-related search terms on Google.”
The same started to happen this week. Gola writes: “The bitcoin price on Coinbase surged 22.63 percent to $5,123 in just two hours — between 4:00 UTC and 6:00 UTC. It was just around the time when bitcoin’s search trend picked momentum.” However, by 18:00 UTC on 2nd April the Google keyword interest had dropped to 60 on a scale of 1 to 100. This coincided with BTC trading sideways.
To follow keyword ‘Bitcoin” on Google — go to this link.