Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice
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.
Any upticks in measurements represent a growing interest in the term, due to a sudden abundance of search queries on the topic. An event, news, or otherwise typically triggers a trend to begin, prompting others to catch wind, become curious, and head to Google to learn more.
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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.
Coinciding with all of this, was a surge in Google searches for the term “crypto’ according to Google Trends. The bubble eventually burst, and valuations came crashing down. And just like on the way up, Google Trends also declined when prices plummeted.
However, after the asset class growing over 80% in market cap in 2020 alone, Google users and investors, are simultaneously taking notice.
Total Crypto Market Cap Versus Google Trends Search Queries For "Crypto" | Source: TradingView & Google Trends
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.
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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.
OhNoCrypto
via https://www.ohnocrypto.com
Tony Spilotro, Khareem Sudlow