Bitcoin Price And Google Search Correlation

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In 2017, Semrush, a search engine marketing agency, reported that bitcoin prices had a 91% correlation with the volume of Bitcoin-related Google searches. This means that the price of bitcoin rose and fell in lockstep with the number of Bitcoin-related searches.

While the Semrush study showed that the search volume increased as the price of bitcoin grew, it did not say whether the searches predicted the exchange rate between bitcoin and the dollar. Bitcoin searches increased 450% in the five months between April and September. The estimated volume of Bitcoin-related search keywords in one year totaled 51.4 million.

Correlation Between Bitcoin Searches And Price 

The most common assumption is that searches increase when the bitcoin price increases. In other words, people’s interest follows price growth. While this is not entirely wrong, data shows that an increase in Bitcoin-related search interest preceded the Bitcoin boom. But again, this does not imply a spike in searches will affect the pricing.

According to Semrush, the correlation between Bitcoin-related searches and price was 82% globally and 79% in the U.S. Bitcoin search popularity was also higher than fiat currencies. In 2021, searches for Bitcoin were seven times more than the dollar and 42 times more than the euro. Perhaps there are many sites and app platforms that provide exchange rates for dollars and euros, butBitcoin is relatively new, meaning users will have to search online. The interest gap is even bigger in the U.S. probably because people are less likely to search about their own currency. Bitcoin searches are 57 times more popular than searches for dollars in the U.S. and 70 times as popular as euros.



Source link Bitcoin Magazine

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