Cryptocurrencies are having a bit of a craze right now. Despite a global pandemic, the recent boom in the crypto market has garnered international attention. As a result, during this pandemic, there has been a sudden surge in the number of crypto startups and investors. To educate more people about the use of cryptocurrencies such as Bitcoin and other digital assets, crypto giants are sharing a lot of educational content on their platforms, launching TV shows, and creating social media campaigns to attract more people to the crypto market.
Bitcoin is one of the most favored cryptocurrencies on social media as well as other media platforms. Regular social media platform users will be well aware of BTC’s current popularity, and some may even follow the news religiously to gain more insight into the crypto’s market movement. According to crypto analysts, a recent study discovered that social media can help popularize cryptocurrency and also contribute to market price fluctuations.
The same thing can be said about Bitcoin. According to experts, Google search trends and social media platforms have a significant impact on Bitcoin price volatility. There have been thousands of searches based on this concept, and all evidence points to the fact that there is a correlation between Bitcoin price and Google search trends.
According to a study conducted by Semrush, experts discovered that the rising and falling volumes of Bitcoin-related Google searches have harmed how the cryptocurrency has performed in the market. The study demonstrated that search volume increased as BTC’s price increased; the case may be reversed, but it is clear that the two are inextricably linked. People’s interests are influenced by price increases.
Data also shows that the Bitcoin boom was preceded by an increase in Bitcoin-related Google search trends. Standard economic and financial theories cannot explain these phenomena on a technical level. However, because the crypto market is heavily influenced by investor sentiment, these ideas do have some validity. Newcomers to the market can use Google and social media platforms to search for trending cryptocurrencies and then make informed decisions about their investment strategies.
Association between Bitcoin Price & Google Search Trends
The term ‘Bitcoin’ has continued to pique the interest of cryptocurrency enthusiasts, who eventually turn to Google to find more relevant information on the subject. According to Semrush data, Bitcoin, Bitcoin price, Bitcoin value, and Bitcoin mining are some of the most popular search terms.
The rising price of Bitcoin, as well as its ferocious volatility, has piqued the interest of many people. This price trend is compiled from news sources from around the world. Furthermore, the incorporation of BTC into financial institutions and product offerings has increased investor trust in cryptocurrencies.
Furthermore, when there is geopolitical tension or a financial crisis, people conduct online searches to find BTC as a haven or as an alternative to fiat currencies. These patterns were most prevalent during election hours in the United States, demonetization in India, and other situations.
Conclusion
During times of curiosity or controversy, the number of searches for Bitcoin on Google increases. However, the rising interest and popularity of Bitcoins are driving the crypto market’s overall growth potential. People all over the world are excited about the potential of Bitcoin and other decentralized coins. Because of the interest in digital assets and the market’s current controversies, more and more investors will enter the market over time.
