Bitcoin’s Rating on Google Search in 2019
The performance of BTC this year has been slow. The price of BTC surged by about two times since the beginning of this year but could end up declining by 50 percent from its all-year high in 2019. However, when it comes to Google Trends this year, BTC was able overtake Donald Trump, VISA, PayPal, and Libra.
A crypto researcher known as Eric Wall maintained that the popularity of the keyword “Bitcoin” on Google Trends attainedits 1-year high between June 23 and 29.
Many point out that the Google Search interest for Bitcoin has been unimpressive this year, but even though searches dropped ~90% from it's 2017 peak, "Bitcoin" still managed to trump VISA, PayPal, Libra and even Donald Trump this year. pic.twitter.com/7HCAfeTXXy
— Eric Wall IS POTENTIALLY DANGEROUS (@ercwl) December 21, 2019
The feat was achieved when BTC price began the demonstration of a parabolic rally to over $12k following its stay around the $5ks a month before in May.
The price of BTC has the tendency to move according to a cyclical trend and it is influenced by sentiment, just as it is for assets like gold.
Hence, immediately BTC starts seeing an extended rally, it frequently experiences an upsurge by 100 to 300 percent within some months. For example, the price of Bitcoin surged by 282 percent from $3,630 to $13,900 between January 1 and June 26.
Google Trends data reveals how the price of BTC dictates the mainstream attention. That is, increase in the price of BTC is not caused by high search engine interest but the price frequently influences the way people search the keyword.
According to the data, when the price of BTC is at its peak, the attention of the mainstream is likewise at its peak, as regards Bitcoin and the cryptocurrency market. Hence, it promotes fear of missing out (FOMO) in the market.
Likewise, the data shows that despite the end of the year being difficult for BTC because of the huge 50% decline since June, it attained highs during which the popularity of the crypto became unprecedented for an emerging asset.
This year, the expected platforms and products such as Bakkt emerged in the crypto market. There were likewise added services related to cryptos by financial conglomerates like CME Group.
However, it could not come up with a key basic event to move BTC price and the sentiment around the market.
In the coming year, BTC block reward halving is anticipated to happen and it cuts new issuance of BTC by half. Events that influence BTC supply will have huge impact on a currency that depends on its scarcity.
Featured image courtesy of Shutterstock. Source: CryptoPress.