Bitcoin interest jumps on Google, trends down on Twitter
Google search interest for bitcoin jumped following its surge to $5,000.
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.
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.
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.
With all of the above in mind, these figures could change overnight should bitcoin experience another rally like what was seen in 2017.