Bitcoin interest jumps on Google, trends down on Twitter

Bitcoin interest jumps on Google, trends down on Twitter

Google search interest for bitcoin jumped following its surge to $5,000. However, search interest and Twitter hashtags continue to slump month-after-month. Possible explanations for the lower interest include sideways price action, a hangover from the 2017 mania, or a greater nuance around other search terms.

Following bitcoin’s Apr. 1st rally to $5,000, search interest for the crypto on Google spiked. Understandably, people wanted to know why BTC appreciated 20 percent in under a day.

Google Trends interest over time for “bitcoin” and “btc”

That said, search interest in the cryptocurrency has decreased now that the price has hovered around $5,000. Meanwhile, daily hashtags for #bitcoin on Twitter have trended down month after month over the last year.

BitInfoCharts: “Bitcoin” hashtagged Tweets per day

Consistent with Google trends results, interest in bitcoin spiked following the rally and has since trended back towards equilibrium—which is in a downtrend. Both search and hashtag interest are highly correlated with the BTC price and even more so with upwards price movement of the asset.

Several different theories could explain downtrending search interest, ranging from sideways or downward price movement, less novelty around bitcoin from the general public, and better nuance from users in differentiating other digital assets and blockchain.

Interest in “blockchain,” “ethereum,” and “xrp” is getting closer to “bitcoin” over time

With all of the above in mind, these figures could change overnight should bitcoin experience another rally like what was seen in 2017.

Bitcoin | BTC

Updated: Apr 19 at 4:39 pm UTC

Bitcoin, currently ranked #1 by market cap, is up 0.02% over the past 24 hours. BTC has a market cap of $93.57B with a 24 hour volume of $13.69B.

Chart by CryptoCompare

Bitcoin is up 0.02% over the past 24 hours.

Posted In: Adoption, Analysis, Price Watch
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Mitchell Moos

Mitchell Moos

Contributing Analyst @ CryptoSlate

Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.

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