Is the price of bitcoin correlated with google searches?
Recent history would say, yes!
Google searches for bitcoin skyrocketed back in late 2017 when bitcoin was making new high after new high.
However, it is unclear whether google searches are a leading or lagging indicator, but they did peak shortly before the price of bitcoin peaked as well.
Ever since that peak in late 2017 though, google searches for bitcoin have mostly continued to decline.
A trend change?
After google searches for bitcoin have mostly gone sideways for months, we have seen the first major spike in google searches we have seen in some time:
(Source: https://www.ccn.com/trending-google-searches-for-bitcoin-surges-to-8-month-high/)
In fact, this is the largest number of google searches for bitcoin since March of 2018.
According to google searches, bitcoin is the most popular it has been at any point in the last 8 months!
A 20% surge in price over the last few days will tend to do that!
What does this mean?
This most likely is mostly related to the 20% price increase of bitcoin as people tend to check the prices much more often when prices are going up as opposed to when they are going down or moving sideways.
That being said, the last time we saw huge increases in google search numbers, was also right around the time that bitcoin went on a major run.
There is no guarantee that this will be the same this time around as well, but it is interesting never the less.
Stay informed my friends.
Image Source:
https://cryptocurrencynews.com/bitcoin-btc-google-searches-down-75
